Monzo, a London, UK-based mobile bank, raised £19.5m in new venture capital funding.
Backers included Thrive Capital, Passion Capital and Orange Digital Ventures. As part of this raise, Monzo has reserved a further £2.5m for its community on Crowdcube, who can invest at the same valuation as Thrive, Passion, and Orange, to take the total raise to £22m.
The company intends to use the funds to launch current accounts this summer and expand its team further.
Led by Tom Blomfield, CEO, Monzo was started Monzo in February 2015, was granted a UK banking licence with restrictions by the FCA and PRA in August 2016, and is now is in Beta offering contactless prepaid MasterCard, real-time spending notifications, zero fees, even abroad, free, instant transfers to other Monzo users, 24/7 world-class support, intelligent budgeting, insightful and caring community, an API to build with, and use of emoji, and working to roll out its free current account, direct debits and standing orders, account number and sort codes, FSCS protection and easy overdrafts.