Fintech unicorn Monzo doubles value to $2.5bn thanks to Y Combinator

By Olivia Minnock
British challenger bank Monzo has doubled its value in just eight months, reaching $2.5bn (£2bn) following a series F funding round. Valued at £1bn l...

British challenger bank Monzo has doubled its value in just eight months, reaching $2.5bn (£2bn) following a series F funding round.

Valued at £1bn last October, the fintech has raised £113mn from its latest round which was led by Y Combinator. The Silicon Valley based startup accelerator has also invested in the likes of Dropbox, Airbnb, Accel, Orange and Stripe.

The new valuation makes Monzo the second most valuable fintech startup in the UK, following OakNorth.

 

SEE ALSO:

 

Monzo appears not to have raised the funds for a specific purpose, but rather is seeking to take advantage of the current appetite for fintech among investors. “It’s always better to raise money when you don’t need it versus when you need something in a month,” Tristan Thomas, Monzo’s head of marketing, told the Financial Times.

The bank now has 1,000 employees and says that this month it will have onboarded a total of 250,000 new users.

Monzo has taken the banking world by storm and its evangelical users have contributed to its success, as outlined in our recent article, five things you need to know about Monzo.

 

Share

Featured Articles

First Citizens Bank in rescue deal for Silicon Valley Bank

First Citizens Bank, which has completed more than 15 acquisitions of stricken US banks since 2009, has stepped in to take over SVB

Banks are capping crypto spending, but are they right to?

Several banks in the UK are limiting the amount of money that account holders can transfer to crypto exchanges. Is the move justified, or an overreach?

UBS agrees to rescue troubled Swiss bank Credit Suisse

UBS has agreed to rescue its troubled Swiss banking peer Credit Suisse, a move that has been welcomed by the Swiss National Bank and ECB alike

Credit Suisse gets $50bn emergency finance from central bank

Banking

Regulators race to salvage collapsed Silicon Valley Bank

Banking

Stripe's UK Head of Engineering talks 'women in fintech'

Digital Payments