Monzo secures GBP 60 mln funding

Wednesday 17 June 2020 13:37 CET | News

UK challenger bank Monzo has confirmed it has closed GBP 60 million in a new round of funding, according to TechCrunch.

Backing the round are existing investors Y Combinator, General Catalyst, Accel, Stripe, Goodwater, Orange, Thrive, and Passion Capital, along with new investors Reference Capital and Vanderbilt University. Also, the down round sees the bank take a 40% hit in its paper pre-money valuation compared to its previous round, now priced at GBP 1.24 billion. This is possible to reflect the current funding climate amid the coronavirus crisis.

A number of Monzo’s later-stage investors tried to force down the challenger bank’s ticket price, perhaps after investing at the height of the funding market pre-COVID-19. The new round had a share price like the bank’s last equity crowdfund, meaning that recent investors haven’t seen a paper loss.

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Keywords: Monzo, funding, UK, challenger bank, Y Combinator, General Catalyst, Accel, Stripe, Goodwater, Orange, Thrive, Passion Capital, Reference Capital, Vanderbilt University, coronavirus, COVID-19
Categories: Banking & Fintech
Countries: United Kingdom
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Banking & Fintech

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