Thrive, Passion in £71m round for Monzo

US investors Goodwater Capital and payment technology company Stripe have also taken part in the round alongside existing investors, including French corporate venturing firm Orange Digital Ventures.

The company's post-money valuation is £280m, double its valuation after its last funding round in February.

Monzo has reserved £1.5m in this round to allow its existing crowdfunding investors to increase their investments if they choose to do so. The company has secured more than 8,000 backers through crowdfunding platforms and, in March 2016, it broke a record for the quickest campaign in history when it raised £1m in 96 seconds.

The fresh capital will be used to facilitate the growth of the company's customer base, which it says has increased from 120,000 in February to 470,000 at the start of November.

Previous funding
Passion Capital first invested in Monzo in June 2015, backing a £2m seed round alongside private investors. Since then, the company has raised an additional £103m over four funding rounds and two crowdfunding campaigns.

Prior to the latest round, Thrive and Passion took part in a £19.5m round in February 2017.

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. It employs 210 people.

People
Monzo – Tom Blomfield (CEO).

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