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Monzo: Unicorn fintech bank raises fresh funding amid coronavirus - Business Insider

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Unicorn challenger bank Monzo has closed a $76 million funding round at a 40% valuation drop

UK startup bank Monzo has raised £60 million in fresh funding as the high-profile fintech tries to rally against the economic impact of the coronavirus.

The company has experienced a reshuffle in its executive ranks during 2020 with CEO Tom Blomfield stepping back, a change in CTO, and a new chief product officer.UK challenger banking unicorn Monzo has raised £60 million in fresh funding as it tries to rally against the economic impact of the pandemic, Business Insider can reveal.

Monzo's most recent prior valuation was an estimated $2.5 billion, making it the second most valuable startup in the UK. Its new valuation is closer to 2018 levels at £1.25 billion . Investors indicated that the deal's timing was behind the drop in valuation.

 

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