Monzo grabs new ?4.8m round from Passion Capital

UK challenger bank Monzo has raised ?4.8m in what it’s calling an ‘interim’ funding round led by Passion Capital.

The investment reportedly values the firm at ?50m and comes two months after the company said it would raise as much as ?15m to satisfy regulators and receive a full banking license.

The London-based startup was formerly known as Mondo and currently holds a restricted banking license for its app-only service.

The restrictions include only allowing the firm to hold a maximum ?50,000 ($65,000) in total deposits until it has properly tested its systems with live payments networks.

Monzo plans to launch a full current account next year but presently?offers prepaid cards that it says have seen more than ?45m spent on the 50,000 in circulation.

The funding brings the company total to ?12.8m with Passion leading its ?5m February round.

Monzo raised ?1m through an equity crowdfunding campaign on Crowdcube that reached its target in 96 seconds.

Copyright ? 2016 FINTECH GLOBAL

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