U.K. online bank Monzo raised $144 million in a fresh round of funding led by the U.S. start-up accelerator Y Combinator.
Y Combinator invests in Monzo through its Continuity Fund, which focuses on late-stage start-ups.The investment comes on the heels of Monzo's announcement that it's launching in the U.S.U.K. online bank Monzo has raised £113 million in a fresh round of funding led by the U.S. start-up accelerator Y Combinator.
Y Combinator, which has helped create companies such as Airbnb and Stripe, invested in Monzo through its Continuity Fund, which focuses on late-stage start-ups. Monzo is now valued at over £2 billion , double the £1 billion it was worth in its last funding round in October last year. The fintech firm has gained something of a following in Britain with its bright coral-colored bank cards and app-only checking accounts.
"It is a really great signifier of how far we've come since the last round," Tristan Thomas, Monzo's head of marketing, told CNBC, adding that the bank has also doubled its customer count to more than 2 million since the last round. Monzo said it is already well-capitalized, but will use the extra capital to underpin its growth strategy as well as gain a foothold in the U.S. The start-upEach morning, the “Beyond the Valley” newsletter brings you all the latest from the vast, dynamic world of tech – outside the Silicon Valley.
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