Smartphone bank Monzo raises £19.5m Series C
Startups 100 mobile bank set to launch full current account and bolster its team as it prepares for another campaign on Crowdcube
Monzo, the Startups 100-featured smartphone-based bank, has closed a £19.5m Series C funding round, led by Thrive Capital, with participation from Orange Digital Ventures and Passion Capital.
Launched in October 2015, London-based Monzo is a mobile-based banking app and credit card, giving users instant balance updates, the ability to track spending and free instant transfers to other users.
The round follows a £1m campaign on Crowdcube in 2016 that was amongst the biggest of the year on the crowdfunding platform. Monzo has announced it will launch another campaign on Crowdcube later this month and is hoping to raise £2.5m.
The finance will be used to help the bank launch its full current account and to grow its team further. It is currently available as a pre-paid card service with a linked app.
Speaking exclusively to City AM, Miles Grimshaw, of Thrive Capital, commented:
“Banks are not meeting the needs of the modern consumer. Consumers are used to the ease and convenience of offerings like Amazon, and they expect the same from their bank. Building a modern banking experience from front to back is an incredible challenge and we haven’t met a better team to take it on.”