Monzo secures £113m Series F funding led by Y Combinator to support international expansion
The digital bank raised the capital from backers including Latitude and Stripe, pushing its valuation past £2bn.
Share allotment filed at Companies House
Monzo operates a digital mobile bank offering financial services through a smartphone application.
Monzo has secured £113m in a Series F funding round led by US firm Y Combinator, lifting the digital bank's valuation to over £2bn. The fresh capital arrives only six months after the company's previous raise, with participation from Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel, and Orange Digital Ventures.
The new valuation places Monzo ahead of local rival Revolut, though it remains behind larger European competitors such as N26 and Transferwise. Y Combinator backed the company through its Continuity fund, building on a previous connection between Monzo chief Tom Blomfield and the accelerator programme.
The company intends to allocate the proceeds towards ongoing strategic priorities, including its recent push into the United States market.
Investor perspective
"We’ve seen [this approach] in other products such as social networks or consumer apps, but it’s unheard of in banking."
Anu Hariharan
Continuity partner, Y Combinator
Use of funds
- 01Expand into international markets
Investors
Anu Hariharan
Y Combinator
Latitude
General Catalyst
Stripe
Passion
Thrive
Goodwater
Accel
Orange Digital Ventures