General Catalyst leads £85m round for Monzo

The company announced that existing investors also took part in the round. Monzo has a number of VC backers including Thrive Capital, Passion Capital, Goodwater Capital and French corporate venturing firm Orange Digital Ventures.

According to various media reports, the funding round values the business at more than £1bn, while reports earlier this year said the company was targeting a valuation of up to $1.5bn. If accurate, the new funding round values the company at around four times what it was worth following its most recent round in November 2017, a £71m funding round that valued it at £280m.

The latest round will enable Monzo to undertake a recruitment drive and invest in product development. The company has launched a number of new services in 2018, including full current accounts, joint accounts, accounts for 16-year-olds and a bill-splitting service.

Monzo also announced that it will launch a crowdfunding round through the Crowdcube platform later this year.

Previous funding
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.

Company
Founded in 2015 and headquartered in London, Monzo is an online bank.

People
Monzo – Tom Blomfield (CEO).

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