Monzo has signed up more than 400,000 customers since it was founded in 2015 and says it is increasing that total by 5 percent a week. Monzo reported a pretax loss of 7.9 million pounds for the year to end-February and has said that each new user is costing it about 50 pounds. Digital banks such as Monzo have yet to expand into full-scale mortgage and consumer lending, the traditional way banks make money alongside charging fees for their services. Monzo’s fundraising comes ahead of new regulation aimed at boosting competition in the UK banking sector by cracking open the dominance of the big players and helping smaller financial technology companies to vie for customers.

https://www.pehub.com/2017/11/british-app-only-bank-monzo-attracts-93-million-in-fresh-funding-reuters/