UK FinTech Monzo has added £60mn funding to its latest funding round.
In Brief:
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Monzo’s value is now stated to be £1.2bn - less than at its previous fundraise.
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The additional funds have come from Novator, Kaiser, TED Global and Goodwater.
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This comes after several existing investors added funds earlier in the year.
What does this mean?
This additional funding brings the total raised by Monzo since the outbreak of the global pandemic to £125mn. With the rise in digital banking we’ve seen in 2020, Monzo is looking to diversity its revenue streams to ensure the business remains sustainable.
