Monzo closes £71 million fundraising round
Written by Anthony Strzalek
UK digital challenger bank Monzo has announced the closure of a £71 million fundraising round just a month after rolling out its current account service.
The fundraising was led by Goodwater Capital, Stripe and venture capitalist Michael Moritz, through his charitable investment vehicles including the Crankstart Foundation.
They join existing investors Passion Capital, Thrive Capital and Orange Digital Ventures, who have each made follow-on investments.
Over the past year Monzo has grown from a customer base of less than 100,000 to almost half a million, gained a full banking license and began the roll out of its full current account.
The additional capital will allow Monzo to continue its growth plans.
A Monzo statement said: “We also want to make sure that crowd investors are still able to be a part of this round, and have set aside £1.5 million to allow previous crowd investors to do so. If you have previously invested in Monzo through our crowdfunding rounds, look out for an email from Crowdcube later today with all the details.”