Digital bank Monzo tops two billion sterling 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.

Reuters June 25, 2019 05:06:24 IST
Digital bank Monzo tops two billion sterling valuation after funding round

Digital bank Monzo tops two billion sterling 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.

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)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Prince Harry and Meghan refund UK taxpayers for home renovation
World

Prince Harry and Meghan refund UK taxpayers for home renovation

LONDON (Reuters) - Prince Harry and his wife Meghan have refunded British taxpayers 2.4 million pounds ($3.2 million), the cost of renovating their UK home, in line with a commitment they made after announcing in January they would step back from royal duties. The refurbishment of Frogmore Cottage, a house within the grounds of Queen Elizabeth's Windsor Castle west of London, had been criticised by some British media as too expensive. The repayment comes as Harry and Meghan, an American former actress, seek to forge new careers for themselves and attain greater financial independence.

BioNTech, Pfizer begin German part of COVID-19 vaccine study
World

BioNTech, Pfizer begin German part of COVID-19 vaccine study

FRANKFURT (Reuters) - Biotech firm BioNTech said on Monday it widened an ongoing pivotal global study of its COVID-19 vaccine candidate to include testing in its home country of Germany.

Electric car warning signals as Denmark calculates cost of switch
News & Analysis

Electric car warning signals as Denmark calculates cost of switch

COPENHAGEN (Reuters) - A rapid switch to electric cars to meet Denmark's ambitious climate targets will leave a massive gap in its finances, a government commission said on Monday.