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Sky News reports that <a href="https://monzo.com/help/payments-getting-started/monzo-crypto-friendly/" rel="noopener noreferrer nofollow">Monzo</a>, the digital bank, is ramping up its fundraising efforts to £500 million, encompassing diverse forms of investment. Hedosophia, known for early investments in tech giants like Airbnb and Uber, along with Singapore’s Government Investment Corporation (GIC), are reportedly participating in this fundraising drive. This injection of funds marks one of the largest ever attained by a UK-based tech company. Insider sources indicate that GIC is pledging over £50 million, while Hedosophia is also committing tens of millions. Notably, Hedosophia has previously backed notable tech firms such as Wise and Marshmallow. This fresh funding supplements the $430 million previously raised from CapitalG, Alphabet’s independent growth fund, as well as HSG (HongShan Capital), in addition to ongoing support from Passion Capital and Tencent. This round has catapulted the company’s valuation to $5 billion, following a prior $500 million funding round in 2021. Monzo, established in 2015 by Tom Blomfield, Paul Rippon, Gary Dolman, Jonas Huckestein, and Jason Bates, originally launched as a prepaid card offering online account setup, real-time spending alerts, and financial management tools. Over time, it has evolved into a comprehensive platform, featuring social elements, premium accounts, virtual account management, and various financial tools. CEO TS Anil recently announced Monzo’s profitability and its outpacing of challenger rivals like Starling and Revolut. With over 9 million retail customers, including 2 million acquired in 2023 alone, and over 400,000 business customers, Monzo has seen remarkable growth, doubling its revenue in the last fiscal year. Despite challenges in the post-COVID market, the fintech firm has rebounded by introducing new features such as Instant Access Savings, Monzo Investments, Cashback, Mortgage Tracker, and the Call Status fraud prevention tool. Monzo customers have the option to partake in cryptocurrency trading through various exchanges as part of their banking services with the institution. Similar to other regulated financial entities, Monzo retains the prerogative to occasionally block certain transactions deemed risky. This policy applies uniformly to all transactions, irrespective of cryptocurrency involvement.#Monzo #MonzoBank #UK #Unicorn #FinTech #CoinFactiva

UK's Crypto-Forward Monzo Bank Secures £500M Investment from Backers of Airbnb and Uber

coinfactiva.com

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