Posted on February 23, 2017 by staff

Online banking disruptor Monzo secures £22m funding


Banking sector disruptor Monzo has raised £22m in a series C funding round, and is preparing to launch another crowdfunding drive on Crowdcube.

The London-based digital-only bank is currently operating as a pre-paid card service with a linked app.

New investment will allow the company to meet the requirements necessary to launch a full current account, which it plans to do imminently.

Funding was led by Thrive Capital, which has previously invested in Spotify and Instagram.

There were also contributions from Orange Digital Ventures and Passion Capital, in a funding round that values that Old Street FinTech startup at £65m.

Monzo’s last £1m crowdfunding campaign closed in just 96 seconds following massive demand from investors.

Miles Grimshaw, of Thrive Capital, told City AM: “Banks are not meeting the needs of the modern consumer.

“Consumers are used to the ease and convenience of offerings like Amazon, and they expect the same from their bank.

“Building a modern banking experience from front to back is an incredible challenge and we haven’t met a better team to take it on.”

Following its big Series C round, Monzo intends to run a second crowdfunding campaign at the end of this month on Crowdcube – when it will be looking for £2.5m.