Monzo closes £85m round as it plans more crowfunding
Monzo, the London-based challenger bank, has just closed a new funding round raising £85 million.
This is part of its quest to reach a $1.5 billion valuation.
The round was led by General Catalyst, alongside Accel and our existing investors.
With this new funding, Monzo aims to increase its reach, as well as bring in new features (like Savings Pots).
However, the bank is also introducing a crowdfunding aspect to this round, which will be announced later this year on Crowdcube.
In 2016 the raised £1 million in 96 seconds through crowdfunding, and more recently raised £2.5 million with more than £12 million pledged.
With the announcement, Monzo says its current number of users stands at 1,114,298. Phew!
The bank says it is seeing “incredible levels of customer engagement”, with its Net Promoter Score at around 80, monthly active customer numbers of nearly 800,000 and more than 35,000 people on our community forum.
Recently, Monzo decided to switch off debit card top-ups for everyone.