UK-based challenger bank Monzo secures £71m

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fintech insurtech wealthtech regtech ai cybertech esg news

UK challenger bank Monzo has secured a £71m investment, alongside a new crowdfunding opportunity.

Contributions to the round came from Goodwater Capital, Stripe and Michael Moritz’s Crankstart Foundation. Several previous investors also participated including Passion Capital, Thrive Capital and Orange Digital Ventures.

Monzo has also set up a £1.5m crowdfunding campaign for those who have previously been involved in its previous crowdsales. The company is also working on a full crowdfunding campaign got next year, to allow anyone to contribute investments.

The bank provides users with a current account mobile app to control their finances. The solution offers instant notifications when completing payments, transaction breakdowns, free global transactions through the card, and the abiity to instantly freeze a card.

Over the past year the company has grown its user base from less than 100,000 to almost half a million. During this time Monzo has also acquired a banking licence, rolled out its full current account and launched new features.

Earlier in the year, the bank closed its Series C funding round and a crowdfunding campaign, totaling £22m. The equity was split between a £19.5m from institutional investors, led by Thrive Capital, and a £2.5m crowdsale. Following the latest investment, Monzo has received around £105m.

Fellow UK challenger bank OakNorth has received a huge chunk of capital in recent months. The bank has secured a total of £244m in funding across the past two months.

Copyright © 2017 FinTech Global

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