Challenger bank Monzo has reportedly raised £60m from investors including Novator, Kaiser, TED Global and Goodwater according to TechCrunch.

Monzo has yet to confirm the the raise, but chief executive TS Anil said in a statement: “We’ve raised £125m this year, achieved strong organic growth and are now nearing 5m customers, all while becoming the most switched to bank in the UK and the top rated for overall service.”

The latest raise, reportedly an extension of an earlier £60m, would bring its total funding since COVID began to £125m.

In July the firm revealed its second attempt to launch paid-for features through its Monzo Plus product. In the same month the firm revealed losses after tax of £113.8m in its 2020 financial year and up to 80 redundancies, while revenues rose to £67.2m from £19.7m in the same period.

Losses double at UK FinTech Monzo

Figures shared with TechCrunch suggest the digital bank is now approaching 5 million customers, including 60,000 business users and more than 100,000 customers across its  Monzo Plus and Monzo Premium offerings.