Digital challenger bank Monzo has landed a new multimillion pound round of funding from fresh investors valuing it at £65m.
The startup, which is seeking to disrupt traditional banking with online-only services, will combine the investment with a fresh round of crowdfunding following huge demand from private investors last year, totalling £22m.
The round was led by New York’s Thrive Capital, a backer of Instagram, Twitch and Spotify. Orange Digital Ventures, the venture arm of the French Telco is also participating – Monzo’s first corporate venture capital investor- along with Eileen Burbidge’s Passion Capital, an early backer of the startup.
Monzo will target £2.5m via Crowdcube during its second crowdfunding campaign, a year after smashing a £1m target in 96 seconds with huge demand, an equity crowdfunding record.
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