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October 31 2018

Monzo raised £85 million led by General Catalyst, alongside Accel and their existing investors

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We’re incredibly excited to announce that we’ve just closed a new round of funding! We’ve raised £85 million led by General Catalyst, alongside Accel and our existing investors.

Over the last 12 months we’ve grown Monzo to more than one million customers. At the beginning of this year, we asked everyone to upgrade to full Monzo current accounts, and nearly 95% of our users came with us. Since then, we’ve rolled out some great new features, like joint accounts, accounts for 16 year olds, and most recently, our super simple bill splitting functionality.

Alongside this, we’re seeing incredible levels of customer engagement, with our Net Promoter Score at around 80, monthly active customer numbers of nearly 800,000 and more than 35,000 people on our community forum.

This new funding will help us bring Monzo to even more people across the UK, and let us continue to build exciting new features (like Savings Pots), while ensuring you continue to receive the great customer service you’re used to.

Soon it’s your turn
Our community of customers is part of everything we do and we want to give them a chance to take a stake in the bank they’re helping to build. So we’re going to crowdfund again as part of this round!

In 2016 we raised a record-beating £1 million in 96 seconds through crowdfunding, and more recently raised £2.5 million with more than £12 million pledged. Later this year, we’ll announce a much larger crowdfunding round with Crowdcube. We’ll have lots more details nearer the time!

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Financial Services Risk & Compliance