Steve O'Hear / TechCrunch - 2 years ago
  • Monzo, one of a number of “challenger” banks in the U.K.
  • The London-based company has raised a further £71 million in a round led by Goodwater Capital, the consumer internet-focused Silicon Valley VC firm co-founded by ex-Kleiner Perkins general partner Chi-Hua Chien.
  • Other new investors joining the round are payments company Stripe and Michael Moritz, who is investing personally through his charitable investment vehicles, including the Crankstart Foundation.
  • In a call with Monzo co-founder and CEO Tom Blomfield, who had just landed on a small island in the Philippines for a much-deserved short break, he told me the injection of capital will be used to help the challenger bank get to “contribution margin positive.” This means that each Monzo customer will generate more revenue than they cost to service, with the aim being for this to happen sometime in the first half of 2018.