Comment on Monzo, the U.K. challenger bank, picks up additional £60M in funding

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. 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.

 

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