Monzo (fka Mondo), a London, UK-based mobile bank, raised £4.8m in funding.
The round, which brought the company’s valuation to £50m and £12.8m in total funding to date, was led by existing investor Passion Capital.
The company intends to use the capital to advance its beta program.
Led by Tom Blomfield, CEO, Monzo is building a mobile bank for people who don’t need for branches and cheque books. It is building a current account and is working with a range of other providers to create a smart platform for customers to manage their entire financial life.
They are currently live with limited-edition Alpha and Beta cards (Monzo MasterCard® Prepaid Debit cards), which can be topped up and used at cash machines, in-store, online and at contactless terminals.
The company, which is authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA, will get restrictions lifted in early 2017.