Monzo raises £71 million, doubling its valuation within 10 months

Startup bank Monzo raised £71 million ($US93 million) in a new financing round, doubling its valuation since its last fundraising round in February.

The British company is now valued at £280 million ($US336 million) and said it and now has more than 20,000 current account holders. Total users have increase by nearly 300% since February’s Series C funding round, from 120,000 to 470,000.

“This is an incredible endorsement of our strategy so far, and sets us up to continue the growth we’ve seen this year into 2018,” said CEO Tom Bloomfield.

“We want to make it as easy as possible for people to manage and make the most of their money, to give people total visibility and control over all of their finances, and offer them their pick of the best products that the market has to offer,” he said.

Monzo launched its bet prepaid card in October 2015, and in April obtained a full banking licence, allowing it to provide current accounts. To date, customers have spent over £800 million ($US1 billion) with their Monzo cards. Read more

Camilla Hodgson - Business Insider Australia - 7 Nov 2017