UK: Monzo announces £19.5 million in funds, re-starts crowdfunding

App-only bank, Monzo, one of the new digital challenger banks in the UK, has just raised £19.5 million, and is planning on raising an additional £2.5 million through an equity crowdfunding campaign on Crowdcube.

Monzo famously reached its £1 million target through crowdfunding last year in just 96 seconds, and therefore should not struggle on its return to Crowdcube.

The recent investment has come from U.S.-based Thrive Capital (£13 million), London’s Passion Capital (£5 million), and Orange Digital Ventures (£1.5 million). Current funding to date, plus the intended extra £2.5 million, London-based Monzo will have raised £35 million in total.

So far, Monzo have launched a prepaid card into the market, allowing 100,000 customers to track their spend in real-time and in a variety of ways, through category spend, location information and a graphical timeline. This new funding will support the launch of their fully-fledged current account later this year.

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