Booming digital bank Monzo hits £2bn valuation through latest VC-backed funding round

Venture capital-backed digital bank Monzo has seen its valuation double to about £2bn in the wake of a new funding round.

New investors Y Combinator, Continuity and Latitude backed the £113m round alongside existing backers, which include Accel, Stripe and Orange Digital Ventures.

The investment comes hot on the heels of Monzo revealing plans to begin rolling out in the US.

Monzo said that an extra 200,000 new customers joined it in May, pushing its total user base to more than two million people.

General Catalyst led an £85m funding round for Monzo last October, with participation from fellow VC Accel.

A year earlier Monzo raised a £71m investment round with contributions from Goodwater Capital, Stripe and Michael Moritz’s Crankstart Foundation, among others.

The company’s mobile-based banking allows customers to quickly and easily see summaries of their account activity, set monthly budgets and receive notifications about their spending.

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