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

Pay Later: Does Apple's latest offering threaten BNPL?

We ask several industry insiders whether Apple Pay Later, the tech firm's foray into BNPL, threatens the market and risks marginalising smaller players.

Is Launching a Fintech Unicorn Easier than Ever Before?

With new unicorns in the fintech space emerging every week, we take a look at the traits that enable companies to scale at pace

Why BaaS is transforming the financial services space

We look at the latest changes in the BaaS space, taking into consideration new technologies, marketplace demands and changes in the financial landscape

Wealth management trends and the ‘new normal’

Financial Services (FinServ)

Innovation is driving fintech, Shuki Licht, Finastra CEO

Financial Services (FinServ)

SIX SME Banking Trends that are Disrupting the Space

Banking