London based challenger bank raised £60m in additional funding at a down-valuation of £1.24b from existing investors Reference Capital and Vanderbilt University.
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Monzo confirms £60m down round, with a new pre-money valuation of £1.24b
Monzo is also disclosing that its business banking product has now reached 25,000 signups. Launched officially in March, the business bank account is aimed at sold traders and SMEs, with both free and premium paid-for versions available, offering various feature sets. Meanwhile, it has been a turbulent time for Monzo, as it, along with many other fintech companies, tries to insulate itself from the coronavirus crisis and resulting economic downturn.
