Challenger bank Monzo boosts valuation north of £2B after funding round
App-based, digital bank Monzo plans a US rollout soon
A recent £113 million investment by Y Combinator in digital challenger bank Monzo has ratcheted up the latter’s valuation to over £2 billion, double what it was just eight months ago.
Digital banks such as N26, Revolut, Starling and Monzo rely on phone-based apps for their business as an increasing number of customers seek to escape cheque books and physical banking.
The bank operates a Monzo Bank app and issues customers with a contactless Hot Coral debit card. The bank allows current accounts and certain free transaction limits on international transactions and ATM withdrawals.
The bank has over 2 million users and is looking to tally 3 million customers in a matter of a few months.
The new valuation helps Monzo overtake rival challenger bank Revolut.
Rapid expansion eyed
Monzo is planning to expand its business in the UK and abroad, including a launch in the US.
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