UK challenger bank Monzo raises £19.5M with another £2.5M in crowdfunding planned

The new combined funding, which will bring total raised to £35 million, will be used by Monzo as it readies for a full bank launch later this year. As it exists today, Monzo’s more than 100,000 users get access to a pre-paid MasterCard and accompanying iOS and Android apps. It offers the ability to do things like track your spending in real time, view geolocation-marked transactions on a map, view spending by category and get a graphical timeline of your overall expenditure. Once it has launched a fully-fledged current account, Monzo says it will initially make money by offering “transparent overdrafts without hidden fees or charges,” but plans to diversify away from traditional banking business models in the longer term.

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