Monzo’s latest round included £11M in secondary as founding employees partly cash inSteve O'Hear / TechCrunch - 2 years ago
  • Earlier this month, U.K.-based challenger bank Monzo announced that it had raised a further £71 million in a round led by Goodwater Capital, giving the startup a post-money valuation of £280 million.
  • TechCrunch understands that a total of 13 early shareholders, made up of Monzo founders and other early employees, sold a portion of their holding, and to varying degrees.
  • In a call with Monzo co-founder and CEO Tom Blomfield, who confirmed the secondary investment, he said it also points to a new formalised arrangement the challenger bank is introducing regards how it plans to let long-term employees sell shares in future.
  • Specifically, the new policy being introduced will mean that in any future investment rounds, employees who have been with Monzo for three years or more will have the opportunity to sell up to 10 per cent of their options, provided there is demand for those shares from new investors.