Challenger bank Monzo is close to raising a second extension to its June funding round.
The fintech startup, founded in 2015, is set to bring in an additional £50 million in a Series G funding top up which will likely close this week.Insider can reveal the additional cash comes from existing investors in the company plus one new backer: San Francisco-based Octahedron Capital. Octahedron is not an established player in the VC space and was founded in April 2020. It recently invested into San Francisco-based AI startup Databricks and Indian enterprise platform Udaan.
The company has experienced some change during the pandemic, laying off around 80 staff last June. Cofounder and former CEO Tom Blomfield stepped away from the company in January, citing his mental health. He has been replaced as CEO by former Visa executive TS Anil, who originally joined as US CEO in February 2020.
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