Digital bank Monzo tops 2 bln stg valuation after funding round

LONDON (Reuters) - Fast-growing digital bank Monzo has completed a 133 million pound ($169.14 million) funding round, valuing the British lender at over 2 billion pounds, the company said on Tuesday.

The capital injection, led by Silicon Valley venture fund Y Combinator, cements Monzo’s status as one of Europe’s most valuable start-up finance firms.

Monzo, founded in 2015, has amassed more than two million customers in Britain by offering user-friendly online current accounts and mobile money management tools.

The lender – which made a loss of 33.1 million pounds last year – launched in the United States earlier this month. [nL8N23K1W5]

It is also pushing into new service areas in Britain in a bid to turn profitable, including offering premium accounts, utility switching and savings accounts in partnership with traditional lenders.

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Other investors taking part in the fundraising round included Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel and Orange Digital Ventures.

(Reporting by Iain Withers, editing by Louise Heavens)

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