Monzo, the U.K. challenger bank, picks up additional £60M in funding
Monzo, the U.K. challenger bank now with more than 4.8 million customers, has closed another £60 million in funding, priced the same as and effectively an extension of the its previous top-up round in June, TechCrunch reports.
This saw Monzo valued by private investors at around £1.2 billion, marked by industry observers as a down round because it was lower than the upstart bank’s previous — perhaps overheated — valuation before the Coronavirus pandemic skewed leverage in favour of investors or forced a legitimate fintech market correction, depending on your perspective.
The new funding comes from a clutch of new backers including Deliveroo and Stripe investor Novator, Kaiser, and TED Global, as well as existing investor Goodwater. They join the likes of Y Combinator, General Catalyst, Accel, Passion, Thrive and Stripe, who all re-invested earlier this year.