Monzo, one of UK’s most popular digital banking service provider is now valued at more than 2 Billion GBP pot its latest round of fund raising campaign. The firm managed to raise nearly 113 Million GBP in this campaign in order to support their activities relating to expanding business activities in US market. The funding campaign was led by US based investment firm Y Combinator which saw some of the popular names in market participate such as Latitude, Goodwater, Accel, Thrive, General Catalyst, Passion Capital, Stripe and Orange Digital Ventures. Monzo caused quite a big commotion recently over its announcement stating that US customers will be able to open their accounts with the firm in summer of 2019.
In order to proceed further with plans of its business expansion in America, the app based bank has already opened a waitlist. The bank is expected to host face to face events in major US cities starting with few hundred people at a time over the course of next few months to ensure that it opens its first few US accounts and starts business operations by summer 2019. However, the bank lacks official license to provide banking services in USA and so it is expected that the firm will partner with FDIC insured Sutton Bank as it launches its services in near future while working at same time to ensure it obtains its own US license. The UK based start-up has managed to amass nearly two million customers over course of two years since it obtained its banking license in UK.
The bank has even mentioned that it will roll out mobile app and Master Card powered debit card services for its clients in near future which will enable its clients to get instant spending notification and also enjoy other services such as making P2P payments, fund transfers and enjoy charge free international spending in various countries across the globe. Prior to this round of funding, the banks valuation stood around 1 Billion GBP which is nearly half of its current valuation. When speaking about its current valuation which has doubled post the round of funding, Tristan Thomas Monzo’s head of marketing commented, “It is a really great signifies of how far we’ve come since the last round. We’re very clear that in the long term we do want to make money and we do want to become a sustainable business for hundreds of years for our customers” as per report from US media giant CNBC.
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