Latest Round of Funding Puts Monzo in Unicorn Status

$1.5 billion is the new valuation of Monzo after its new round of funding according to the Financial Times.

Monzo is currently on track signing up over 18,000 new customers week over week, and is expected to hit the 4 million customer mark in the next few years.   This new funding more than 4x their last valuation of $356M determined at its last round of funding in November 2017.

According to the report, the new raise will be used to grow the bank’s product offering with new products being launched such as short-term unsecured loans and a higher interest savings account.