Monzo, the digital challenger bank which seeks to disrupt all modern banking processes has completed its latest ‘Series F’ funding round raising £113 million backed by leading US venture capital fund Y Combinator.
The transaction sees fast growth Monzo valued at + £2 billion, as the London fintech firm completes its ninth funding round since 2016, having raised £325 million to date in venture capital.
Operating in the UK market since 2015, Monzo battles against traditional banks and well financed rivals Revolut, N26 and Starling Bank, seeking to become the dominant force in digital finance.
Updating stakeholders, Monzo co-founder and CEO Tom Blomfield (33) has stated that the enterprise arrives at its most important period, as Monzo pushes for a mass market profile, launching new first UK TV advertising campaigns.
To date, Monzo details that it has secured 2 million active customers, primarily driven to its mobile banking services by personal referrals.
Leading the enterprise, Blomfield is confident that Monzo will hit the 3 million active customer mark within the coming months, but notes that Monzo has to increase its visibility ‘beyond millennial customers’.
Moving forward the challenger bank is reported to have reserved £10-12 million in advertising budget, undertaking its most aggressive marketing campaign to engage with more varied audiences.
In further Monzo related update, the popular challenger bank has stated its commitment to launching initial US banking services this summer.