New funding set to make Monzo second-largest UK fintech start-up
After reportedly closing a £100 million funding round, digital challenger bank Monzo will see its valuation double to nearly £1.9 billion and become the UK’s second most valuable fintech start-up, Jane Connolly reports.
New funding takes Monzo’s valuation to £1.9bn
Following the deal with a US investor – which has yet to be approved by the Prudential Regulation Authority (PRA) – the unicorn will eclipse rival Revolut and will be second only to business lending bank OakNorth, reports the Sunday Times.
Just six months ago, Monzo secured £85 million in funding to take its valuation above £1 billion. The bank has also been shortlisted for a share of the £775 million RBS alternative remedies package.
Monzo has yet to turn a profit and made a £33.1 million loss in 2017. But it has launched beta testing for new business accounts and recently announced plans to introduce an individual savings account (ISA).
