Monzo, the U.K. online bank, has raised $144 Million (£113 million) in a fresh round of funding conducted by Y Combinator, which is the U.S. start-up accelerator. Reportedly, Y Combinator has assisted in creating companies such as Stripe and Airbnb, invested in Monzo with its Continuity Fund that aims at late-stage start-ups. Seemingly, Monzo is now worth over $2.5 Billion (£2 Billion), which is two times more worth it was having during its last funding round in October 2018. The fintech company has earned something in Britain with its app-only checking accounts and bank cards. “It is a truly great signifier of how ahead we have come from the last round,” Tristan Thomas—Monzo’s Marketing Head—said to CNBC, adding that the bank had also doubled its client count to over 2 Million since the last round.
Monzo stated that it is well-capitalized, but would utilize the additional capital to support its growth strategy plus gain a grip in the U.S. The start-up announced plans to expand to Los Angeles and other top US cities in the last week. Other financiers in the round include Stripe (payments giant), Accel (venture capital company), and Orange’s venture arm.
Recently, Monzo along with Revolut was in news for announcing global expansion plans. London’s fintech firms are well and really growing up. First, they strike unicorn status and now two of the leading challenger banks—Monzo and Revolut—have declared their global expansion plans at London Tech Week. Apparently, Monzo has announced that it is expanding to the U.S. The fintech—directed by CEO Tom Blomfield—is planning to be hiring a team in Los Angeles where it would conduct its first launch results prior to expanding to other top cities. Speaking about the liftoff, Blomfield stated, “With Monzo, we target to make money work for everybody by working with our users to set up things that work for them.”
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