Monzo has announced that it has raised a further £85m in equity capital in an investment round led by General Catalyst and Accel.
The digital challenger bank will use the funding to expand further and develop more features to give its customers control of their finances.
The investment round was also supported by existing investors Passion Capital, Goodwater, Thrive Capital, Orange Digital Ventures and Stripe.
In addition, Monzo announced that it would launch a new crowdfunding campaign on Crowdcube later this year.
Tom Blomfield, co-founder and CEO at Monzo (pictured above), said: “We started Monzo because we wanted to make a positive difference to people’s financial lives.
“It’s incredible that more than one million people are now using Monzo and a testament to all the hard work that’s gone into building the company over the last three-and-a-half years.
“While we’ve come a long way, we feel we’re still very much at the start of the journey.
“I’m really excited to be working with two new world-class investors to help bring Monzo to millions more people.”
Adam Valkin, managing director at General Catalyst, said: “Tom told me four years ago that he wanted to build an entirely new bank for the mobile generation from the ground up.
“In the process, [it has] become one of the fastest-growing consumer financial applications in history with a passionately loyal community of more than [one million] customers.
“Most exciting is that Monzo is just getting started and our team at GC is honoured to be a part of this."
Sonali De Rycker, partner at Accel, added: “We are thrilled to join the Monzo journey and to be able to help Tom and the broader team in its mission to redefine retail banking.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
300 companies sign up to Women in Finance Charter
A total of 300 companies have now signed up to HM Treasury’s Women in Finance Charter....
Hanley Economic offers self-build product in Scotland
Hanley Economic Building Society has extended its self-build and residential mortgage offerings into Scotland with immediate effect...
Why it’s important to encourage female entrepreneurs
On Women’s Entrepreneurship Day, we honour women in business, their fearless ambition, their achievements and successes...
TSB names new CEO
The board of TSB Bank PLC – with the support of Sabadell – has announced that Debbie Crosbie (pictured above) will become its new CEO in 2019, subject to regulatory approval...
Tandem opens community beta testing for autosavings
Tandem has invited its existing app users to join its autosavings beta testing community to help test its new proposition...
Secure Trust Bank enters Right to Buy market
Secure Trust Bank Mortgages (STB) has launched into the Right to Buy market with a range of mortgages for tenants looking to purchase their existing home...
Starling announces partnership with the Post Office
Starling Bank has announced that it has partnered with the Post Office as it looks to offer every day banking services to its customers...
Close Brothers appoints new NED
Close Brothers Group PLC has named Peter Duffy as an independent non-executive director...
What’s missing from the specialist banking market?
Two months ago, Specialist Banking published a feature looking at whether there was room for more banks in the sector...
TransferWise secures £65m syndicated debt facility
TransferWise has completed a £65m syndicated debt facility with NatWest, JP Morgan and LHV Bank...
EedenBull AS names non-executive chairman
New fintech company EedenBull AS has appointed Jeremy Nicholds as its non-executive chairman of the board...