Monzo has raised £113 million, valuing the digital challenger bank at $2 billion.
The funding round, led by US tech investor Y Combinator, comes six months on from its previous capital raise and drives it ahead of rival digital banking app Revolut (valued at $1.7 billion), and second only to to B2B lending challenger Oaknorth, as the UK’s most valuable FinTech.
Monzo passed the $1 billion valuation, qualifiying it for FinTech ‘unicorn’ status with an £85 million funding round in October last year.
Y Combinator’s Continuity fund joined new and existing investors Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel and Orange Digital Ventures.
Monzo said it plans to use the money to drive further growth and sustainability.
The company, founded in 2015, received its full banking licence for current account deposits in 2017 and now has more than two million customers.
The digital bank announced plans to launch its services in the US earlier this month.
Chief executive Tom Blomfield, said: “It’s so exciting when amazing investors back our mission to transform banking and make money work for everyone – with more than 2 million customers we’ve come a long way since we started but there’s still a lot more to be done.”
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