Digital challenger bank Monzo raises £71m at £280m valuation

Nov 8, 2017 · uktech.news

Monzo ceo tom blomfield 898x505

UK digital challenger bank Monzo has raised an additional £71m from investors including Goodwater Capital and Stripe.

Welsh-born VC Michael Moritz also invested through his charitable investment vehicles, alongside existing backers Passion Capital, Thrive Capital and Orange Digital Ventures.

Monzo, now valued at £280m, says its user numbers have increased by almost 300% since its last fundraise in February, with approximately 500,000 people now using its cards.

Monzo CEO Tom Blomfield said: "This is an incredible endorsement of our strategy so far, and sets us up to continue the growth we’ve seen this year into 2018.

"We want to make it as easy as possible for people to manage and make the most of their money, to give people total visibility and control over all of their finances, and offer them their pick of the best products that the market has to offer.

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