VC-backed Monzo seeks $1.5bn valuation in new funding round

Kenny Wastell
@kennywastell
17 August 2018

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Venture-capital-backed and UK-headquartered online bank Monzo is reportedly targeting a valuation of up to $1.5bn in an upcoming funding round due later in 2018.

According to a report in the Financial Times, which cited two people familiar with the situation, the round is likely to see participation from US venture house Accel Partners, which has previously backed European fintech companies including WorldRemit and GoCardless.

If accurate, the new funding round would value the company at more than four times what it was worth following its most recent round in November 2017. The £71m funding round last year valued Monzo at £280m (then worth approximately $370m).

London-headquartered Monzo has a number of backers including Thrive Capital, Passion Capital, Goodwater Capital, payment technology company Stripe and French corporate venturing firm Orange Digital Ventures.

Passion first invested in Monzo in June 2015, backing a £2m seed round alongside private investors. Between that investment round and the £71m round in November last year, the company raised an additional £103m over four funding rounds and two crowdfunding campaigns, with Thrive and Passion taking part in a £19.5m round in February 2017.