Monzo, a London, UK-based mobile bank, raised £113m in Series F funding.
The round, which brought the company’s valuation to £2bn, was led by Y Combinator Continuity, with participation from Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel, and Orange Digital Ventures.
The company intends to use the funds to start rolling out its products in the USA.
Led by Tom Blomfield, CEO, Monzo is building a marketplace that allows customers to access a choice of products and services from across the market, and manage them through the service. They can now earn interest on savings with savings accounts provided by other banks, switch energy supplier through the app, and start adding on extra features to their account with Monzo Plus.
The company, whose products are used by more than two million people today, has also started rolling out business accounts to more of the 15,000 business owners on the waiting list.