Monzo valued at £2bn as it raises further £113m

Josh Hall's picture
Monzo

Challenger bank Monzo has completed a £113 million Series F round, valuing the company at around £2 billion.

As TechCrunch reports, the round was led by Y Combinator's 'Continuity' fund, which focuses on growth-stage companies.

The new valuation is twice the figure attached to the company as recently as October.

Monzo leads the pack of so-called challenger banks in the UK. It now boasts over two million current account holders, and is reportedly adding 200,000 more each month.

Last week the bank announced its plans to launch in the States, with a small trial roll-out in which a few thousand accounts will be made available through in-person sign-up sessions.

Monzo is the darling of London's so-called 'fintech miracle', which has seen the sector become the fastest-growing driver of new employment in the UK.

But there are concerns about the future momentum of UK fintech and of the tech industry at large.

As we reported last month, investment in UK tech companies stagnated during 2018, recording a contraction of 3 per cent.

This follows a period of hyper-growth, with a 76 per cent expansion seen between 2016 and 2017.

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