The new funding pushes the digital bank’s valuation to over £2bn.

YC Continuity has invested alongside Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel and Orange Digital Ventures.

Monzo now has more than two million customers, with 200,000 new current account sign-ups every month.

Tom Blomfield, CEO at Monzo (pictured above), said: “It’s so exciting when amazing investors back our mission to transform banking and make money work for everyone.

“With more than two million customers we’ve come a long way since we started, but there’s still a lot more to be done — by listening to our community, we’ll keep working hard to deliver the products our customers need to give them better control of their finances.”

This comes as Monzo announced that it will launch its first USA accounts this summer.

Anu Hariharan, partner at YC Continuity, added: “Banking is archaic and needs to be drastically redesigned.

“Monzo is the first of its kind to redefine the modern banking experience for customers around the world.

“The diverse team behind Monzo reflects the society they are building for, and they all care about one thing — becoming a trusted partner to their users.

“The team is well on their mission of building the best bank in the world, while simultaneously scaling revenue rapidly and sustainably.”