Menu visibility control

Video

Events

Startup Surgery

Most Recent

Tech City Voices

Five reasons why starting a tech business is a marathon, not a sprint

Investments

Farmdrop gets £7m from investors including Skype co-founder Niklas Zennström

Tech City Voices

Making gender pay gap reporting work for tech

Press Releases

Redbox Digital Gains Prestigious Magento Global Elite Partner Status
More than £1m transacted using Loot in its first 4 months
HT2 Labs receives Series A investment from City & Guilds Group

Digital challenger bank Monzo gets £4.8m at £50m valuation

monzo
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Challenger bank Monzo has announced the closure of a £4.8m bridging funding round led by existing investor Passion Capital.

The funding, which raised the company’s valuation to £50m, will be used to ramp up production of its beta programme.

Speaking about the raise, Tom Blomfield, CEO of Monzo, said: “We’re grateful for the ongoing support of Passion Capital with this latest fundraise. With the huge success of our Beta programme, we wanted to raise additional funding to allow us to continue growing and keep up with the overwhelming demand.

FinTech Monthly: £108m in UK FinTech investment, Square’s UK launch, Monzo news and more

“With Passion’s support we’ve been able to close this round pretty quickly, so we can get back to working on building the bank without too much distraction,” he added.

The news comes after Passion Capital invested in the company’s – previously known as Mondo – £2m Seed round last year. In February, Monzo attracted a fruther £5m in funding from the early stage London-based VC firm.

With £12.8m of funding to date, Monzo is looking to raise a Series A next year.

Enter your email address to receive updates straight to your inbox

* indicates required
Send me news on...
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Editor's picks

london marathon

Five reasons why starting a tech business is a marathon, not a sprint
posted 28 mins ago

chickens

Farmdrop gets £7m from investors including Skype co-founder Niklas Zennström
posted 4 hours ago

gender pay reporting

Making gender pay gap reporting work for tech
posted on April 23, 2017

tech stats

Top tech stats: UK FinTech, Brexit, cybersecurity and more
posted on April 22, 2017

startup weekly

Startup Weekly: Just Eat’s FoodTech cohort, TrueStart’s call for applications and much more
posted on April 21, 2017

Divido EP winner

Meet our FinTech Startup of the Year: Divido
posted on April 21, 2017