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.
“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.