Monzo hits £2bn valuation
Digital bank Monzo has achieved a valuation of £2 billion following its latest funding round, which raised £113 million, reports Jane Connolly.
The news follows Monzo’s recent expansion into the US.
More than two million people are already using Monzo, with 200,000 new customers signing up in May alone. Users can open accounts from their smartphone and features enable customers to earn interest on their savings with accounts provided by other banks and switch energy suppliers via the app.
The Telegraph reports that the latest round brings Monzo’s total funding to £300 million and quotes Monzo’s head of marketing Tristan Thomas as saying the timing of the US investment was coincidental.
“The fact of the matter now is that when we’re raising these very large rounds, most of the time that involves US investors,” he says.
Thomas tells the Telegraph that the British fintech sector is starting to really compete against traditional banks at scale.
Monzo has now started rolling out business accounts to the 15,000 business owners on its waiting list.