Monzo Raised £85M at a £1B Valuation
The UK challenger bank, Monzo, has raised £85 million in Series E funding at a pre-money valuation of £1 billion, making it the latest fintech unicorn in the UK. It is also planning on launching a large crowdfunding round later this year. The new funding will be primarily used for increasing headcount to further develop the Monzo product line. Monzo currently has more than one million customers and 800,000 active monthly users of its app. According to a recent report it now accounts for 15% of all new bank accounts opened each month in the UK. Source.