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Monzo to overtake Revolut ‘with $2bn valuation’

By Hannah McGrath

Monzo is set to overtake Revolut as the UK’s second-highest valued FinTech after reportedly securing £100 million in its latest funding round.

According to the Sunday Times, the funding, led by a new US investor, will drive the valuation of the digital challenger bank to $2.5 billion, ahead of Revolut’s $1.7 billion, and second only 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.

Monzo’s board is understood to have approved the latest funding round, but will have to wait for regulatory approval before the deal is finalised, according to the Sunday Times.

Monzo is also in the running to win a share of the £775 million RBS bailout fund and last month announced it would halt a digital cheque clearing service in order to focus resources on its business banking offering.

Monzo did not immediately reply to a request for comment.

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