British digital bank Monzo closes in on new fundraising round

The funds would be an extension to a GBP 113 million capital raise in June 2020, which valued the company at just over GBP 2 billion and was backed by investors including Silicon Valley venture fund Y Combinator.

Monzo, founded in 2015 by entrepreneur Tom Blomfield, has amassed more than 3.5 million customers by offering user-friendly online current accounts and mobile money management tools. Monzo Bank is a digital, mobile-only bank based in the United Kingdom. Originally operating through a mobile app and a prepaid debit card, in April 2017 their UK banking licence restrictions were lifted, enabling them to offer a current account. The lender – which made a loss of 33.1 million pounds last year – launched in the United States in June.