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December 2 2020

Monzo Bank closed another £60 million in funding

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Monzo bank has now about 4.8 million customers as it has closed another £60 million in funding.

Read also: Monzo launches new Premium account and offers its first metal card

The funding comes from some new backers including Deliveroo and Stripe investor Novator, Kaiser, and TED Global, as well as existing investor Goodwater.

According to figures shared with TechCrunch, in addition to approaching five million customers overall, Monzo now has more than 60,000 business users — up from 25,000 signups in June — and more than 100,000 customers across its paid-for current accounts, Monzo Plus and Monzo Premium.

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For the new ‘Monzo Premium account’ the customer can pay £180/year or £15 /month for a minimum of six months.

Jordan Shwide, general manager for business banking, said this September: “Over the last 6 months, we’ve heard hundreds of stories from our business community about how Monzo Business has given them peace of mind and made their lives better.”

Monzo managed to raise £125 million in funding since COVID-19 struck. The current extension will be seen as good news for the bank as it looks to continue growing and increasing revenue lines beyond interchange fees.

Monzo CEO, TS Anil, said to TechCrunch: “We’ve raised £125 million this year, achieved strong organic growth and are now nearing five million customers, all while becoming the most switched to bank in the U.K. and the top rated for overall service. This news demonstrates the confidence that both our customers and investors have in Monzo”.

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