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.”