Author: UK Tech

banking fintech fintech europe payments

Monzo to raise £50M, another funding during COVID-19 pandemic for London fintech

Monzo, the UK-based challenger bank that allows customers to access a range of products and services, is expected to raise a £50 million extension in Series G round from existing shareholders and a new San Francisco-based VC firm Octahedron Capital.

The new funding will take the amount raised by the digital bank during the pandemic to £175 million. It’s worth mentioning that the investment round will be carried out with the same financial terms as the rest of the rounds.

Same financial terms as previous rounds

The fintech unicorn is looking to raise some funds after the COVID-19 pandemic has hit Monzo hard. Notably, this funding round report comes a week after Tom Blomfield announced his departure from Monzo. He has been replaced by former Visa executive TS Anil as CEO, who already joined Monzo US as CEO last year.

Back in December, Monzo raised £60 million funding at a valuation of £1.25 billion, a 40% dip from its previous valuation of £2 billion. In July 2020, the London-based fintech company revealed its annual post-tax loss of around £113.8 million, which is a huge jump from the £47.1 million recorded last year.

Approaching 5 million customers

At present, the company is approaching 5 million (4.99M at present) customers and now has more than 60,000 business users – up from 25,000 signups in June. The platform now has more than 100,000 customers across its paid-for current accounts, Monzo Plus and Monzo Premium.

Source: UK Tech

Check out our other articles here.

Recommended posts

How to expand your network

PCN’s Guide to Job Success – How to expand your network?

Looking to expand your network? Here’s how! Building a professional network is no easy job, however, it is a necessary one if you want
Job Opportunities in Europe for IT, Cybersecurity, Fintech, e-commerce

It’s not you, it’s the Great Resignation…

You might have said this cheesy break up line to your manager in the last two years, especially if you’re a senior professional who

But first, cookies

We use cookies to improve your experience and deliver personalized content. By using this website, you agree to our Privacy Policy.
New podcast: An Interview with Tom van Wees and Roderick de Koning, CCO and CEO of Ginger Payments