Menu visibility control

Video

Events

Startup Surgery

Most Recent

News

Top tech stats: Job automation, driverless cars and much more

News

Startup Weekly: Nesta’s £5m prize fund, Digital Catapult and Seedcamp’s VR cohort and much more

Investments

FinTech startup Quantexa lands $3.3m Series A led by Albion Ventures and HSBC

Press Releases

Starling Bank unveils beta as it begins roll out to first customers
VentureFounders surpasses £40m funding mark in 2 years of operation
Software testing leader TestPlant appoints Dr. John Bates as CEO

Challenger bank Monzo announces £19.5m investment

Team_Monzo
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Challenger bank Monzo has announced a £19.5m Series B round from venture capital firms Thrive Capital, Passion Capital and Orange Digital Ventures.

The bank, which was founded in 2015, was given a pre-money valuation of £65m.

Monzo is a digital-only banking service which currently offers users prepaid bank cards, but it hopes to soon provide current accounts and overdrafts.

How tech is shaking up the world of banking

The FinTech firm has reserved a further £2.5m in this latest funding round for a campaign via Crowdcube, a crowdfunding investment platform.

The news comes after Monzo announced a £4.8m investment from Passion Capital in October 2016.

Tom Blomfield, Monzo CEO, said the response to last year’s crowdfunding campaign – when the firm claims to have raised £1m in 96 seconds – was “incredible”.

He said: “I’m delighted to announce that we’ll be able to bring on even more crowdfunding investors as part of this round. We’re expecting 4,000 or 5,000 people to get the opportunity to invest.”

Monzo says it aims to move away from traditional banking models in the future, giving customers one-click access to third-party financial products as part of a move toward “banking as a marketplace”.

Miles Grimshaw, principal at Thrive Capital, said: “Consumers are used to the ease and convenience of offerings like Amazon, and they expect the same from their bank. Building a modern bank from front to back is an incredible challenge, and we haven’t met a better team to take it on!”

Enter your e-mail address to receive updates straight to your inbox

* indicates required
Send me news on...
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Editor's picks

jobs automation top tech stats

Top tech stats: Job automation, driverless cars and much more
posted 4 hours ago

Startup Weekly

Startup Weekly: Nesta’s £5m prize fund, Digital Catapult and Seedcamp’s VR cohort and much more
posted on March 24, 2017

London skyline

FinTech startup Quantexa lands $3.3m Series A led by Albion Ventures and HSBC
posted on March 24, 2017

The North of England

The top tech hubs in the North of England
posted on March 24, 2017

TWIT Emily 23.03.17

A $30.4m Series B, a £120m AI fund, a Mario Kart hack and more in The Week in Tech
posted on March 24, 2017

Tech and banking

How tech is shaking up the world of banking
posted on March 23, 2017