Tom Blomfield | Monzo
U.K. online bank Monzo has raised £113 million ($144 million) in a fresh round of funding led by the U.S. start-up accelerator Y Combinator.
Y Combinator, which has helped create companies such as Airbnb and Stripe, invested in Monzo through its Continuity Fund, which focuses on late-stage start-ups.
Monzo is now valued at over £2 billion ($2.5 billion), double the £1 billion it was worth in its last funding round in October last year. The fintech firm has gained something of a following in Britain with its bright coral-colored bank cards and app-only checking accounts.
“It is a really great signifier of how far we’ve come since the last round,” Tristan Thomas, Monzo’s head of marketing, told CNBC, adding that the bank has also doubled its customer count to more than 2 million since the last round.