Monzo Raises £113M

Monzo, the UK-based challenger bank with over two million account holders, has raised £113m in a new round of funding at a $2.5b post-money valuation. Investors participating in the round, which brings Monzo’s total funding to ~$417m, include Y Combinator, Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel, and Orange Digital Ventures.

Monzo also recently announced its plans to launch in the US following a partnership with US-based Sutton Bank, and it currently allows people to join the waitlist.

Bottom Line: In May alone, more than 200,000 people opened an account with Monzo.