Y Combinator Continuity leads £113m round for Monzo

According to various media reports, the funding round values the business at around £2bn, double the £1bn valuation it had following its previous funding round eight months ago.

LocalGlobe also took part in the latest round via its recently launched series-B-focused vehicle Latitude, alongside existing investors General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel Partners and Orange Digital Ventures.

Monzo is currently in the process of launching in the US market and is recruiting for a newly launched Los Angeles-based team.

Previous funding
Passion first invested in Monzo in June 2015, backing a £2m seed round alongside private investors. Between that investment round and a £71m round in late 2017, the company raised an additional £103m over four funding rounds and two crowdfunding campaigns.

Most recently, General Catalyst led an £85m round for the business alongside Accel in October 2018.

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

People
Monzo – Tom Blomfield (CEO).

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