Monzo has is extending its previous funding round with an additional £50mn.
In Brief:
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It’s raising the funds from existing investors as well as Octahedron Capital.
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Monzo has therefore raised $175mn throughout the Covid-19 pandemic.
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The FinTech’s valuation remains £1.24mn.
What does this mean?
Monzo’s current valuation, which has remained the same since it raised £60mn late last year, is still a 40% decrease from its pre-pandemic valuation of £2bn. Though it is almost at five million customers, the FinTech is still running at a significant loss.
