Monzo raises £4.8m

Monzo raises £4.8m

British app-only challenger bank Mondo is sporting a £50 million valuation after raising £4.8 million in an interim funding round led by Passion Capital.

Passion Capital is an existing investor in Monzo, which has already raised £9 million, of which £1 million was generated in a record-breaking one minute and 36 seconds on crowdfunding platform Crowdcube.

In August CEO Tom Blomfield said the startup was aiming to raise up to a maximum of £20 million - including a "significant" element of crowdfunding.

In a statement given to Business Insider on the new money, Blomfield says: "With the huge success of our Beta programme, we wanted to raise additional funding to allow us to continue growing and keep up with the overwhelming demand."

Monzo - which was recently forced to change its name from Mondo - is one of a breed of new digital challengers, alongside, Atom, Starling and Tandem, to have secured banking licenses over the last few months.

Despite only being formed last year, by this August it was claiming that 30,000 users had signed up to its mobile banking app in a public beta trial and that another 200,000 prospective users had joined a waiting list ahead of its planned launch in early 2017.

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