Home Australia US backer lifts Monzo to £2bn valuation | Business – The Times

US backer lifts Monzo to £2bn valuation | Business – The Times

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Favourite banking app of millennials secures another £100m of funding

Tom Blomfield, pictured with Bingo, founded Monzo in 2015FRANCESCO GUIDCINI

The fast-growing digital bank Monzo is close to raising £100m of fresh funding in a deal that will almost double its valuation and catapult it into the position of Britain’s second-biggest fintech start-up.

Just six months after it raised money at a valuation of £1bn, the millennial-friendly bank is about to seal another funding round valuing it at $2.5bn (£1.9bn), The Sunday Times understands.

The cash injection, led by a new American investor, has been agreed by Monzo’s board but could take several months to be signed off by the Prudential Regulation Authority. It will mean that Monzo’s valuation has multiplied by almost 250 times since it first raised cash at an £8m valuation in June 2015.

The deal comes amid a Silicon Valley-style rush…

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