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Monzo: CEO of challenger bank fintech cautious about SoftBank-style fundraising - Business Insider

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Startup bank Monzo is worth $2.5 billion and eyeing US expansion. Here's why its CEO would think twice about taking SoftBank's billions.

Monzo, the fast-growing $2.5 billion UK challenger bank, has raised $413 million and is thought to be raising more.

"I worry that taking money from someone like SoftBank does commit you to a certain course of action," Monzo CEO and cofounder Tom Blomfield told Business Insider in an interview. SoftBank's $100 billion Vision Fund may have redefined technology investing, but some founders are circumspect about the benefits of near-infinite capital.

Monzo won't comment on the rumors, but CEO Tom Blomfield is circumspect about taking SoftBank's money when asked in an interview. He points to Uber, which used its SoftBank arsenal to expand rapidly. Blomfield added: "I think the Uber approach has been really, really interesting because it has influenced a generation of entrepreneurs who see Uber basically using at the time what was infinite, practically free capital as a weapon."Blomfield says Monzo wants to pursue sustainable growth

Asked about the key to fundraising over the long term, Blomfield said the key was to "build relationships with investors early and share your operating plans and then go and hit those plans."

 

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