June 24, 2019 / 11:10 PM / 3 months ago

Digital bank Monzo tops 2 billion sterling valuation after funding round

LONDON (Reuters) - Fast-growing digital bank Monzo has completed a 113 million pound funding round, valuing the British lender at over 2 billion pounds, the company said on Tuesday.

The capital injection, led by Silicon Valley venture fund Y Combinator, cements Monzo’s status as one of Europe’s most valuable start-up finance firms.

Monzo, founded in 2015, has amassed more than two million customers in Britain by offering user-friendly online current accounts and mobile money management tools.

The lender – which made a loss of 33.1 million pounds last year – launched in the United States earlier this month.

It is also pushing into new service areas in Britain in a bid to turn profitable, including offering premium accounts, utility switching and savings accounts in partnership with traditional lenders.

Other investors taking part in the fundraising round included Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel and Orange Digital Ventures.

(This story corrects figure raised to 113 million sterling).

Reporting by Iain Withers, editing by Louise Heavens

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