Monzo is reportedly set to close another round of funding that will see its valuation soar to over £2 billion.
The digital bank is believed to be closing on a further £100 million funding round that’s being led by a US investor. If completed, it will make Monzo the UK’s second-largest financial tech startup. According to the Sunday Times, Monzo’s board has agreed to the deal, but it still needs approval from the Prudential Regulation Authority, which could take several months.Despite the investment, Monzo hasn’t yet been able to turn a profit. The bank, which was founded in 2015, lost £33.1m in its last financial year according to its most recent results. The year before that it lost £7.9m.
However, in September last year Monzo noted it had passed one million customers. The bank is also beta testing buisness accounts and hopes to roll them out before the end of the year.Monzo is a banking app that offers an entirely separate bank card that can be topped up from your regular account.The app provides instant balance updates every single time you make a purchase. It also allows users to set up various spending budgets for groceries, transport, entertainment and other categories.
After the way they treat there customers I am not surprised, they are possibly the worse bank I have used I urge people to stay clear of monzo monzo
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Source: The Guardian - 🏆 84. / 53 Read more »
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