Thrive and Passion in £19.5m round for Monzo

Orange Digital Ventures, the corporate venture arm of French telecommunications company Orange, also took part in the fundraising.

Following the round, the company will launch an additional £2.5m crowdfunding round to bring the total amount raised to £22m.

The fresh capital will enable Monzo to launch current accounts in the summer of 2017 and undertake a recruitment drive.

The fundraising comes shortly after London-based commission-free money transfer business Revolut, which is backed by VCs including Balderton Capital and Index Ventures, launched its current account facilities.

Company
Founded in 2015 and headquartered in London, Monzo is an online bank. It charges no usage fees and enables its customers to spend money abroad on a commission-free basis.

People
Passion Capital – Eileen Burbidge, Stefan Glaenzer, Robert Dighero (partners).
Monzo – Tom Blomfield (CEO).

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