Monzo looks to raise £50-100m

Author: EIS Release Date: Feb 26, 2020

Monzo, the four year-old cash-burning UK digital bank, is looking raise  £50-100 million to add to the £113 million it raised in June in a Series F round done at a valuation of $2 billion.

 

So far Monzo has raised about £300 million.

 

Monzo lost £50.7 million on revenue of £9.2 million in the 12 months to February 2019.

 

It lost £33 million in the 12 months to February 2018.

 

It is reported that there could be another, larger, Series G, funding round later in 2020.

 

An app-based bank, Monzo appeals to the young and has 3.6 million customers.

 

Existing investors include Accel, Stripe and Orange Digital Ventures.