Paul Sawers / VentureBeat - 2 years ago
  • Monzo, a U.K.-based startup building a mobile-first banking service, has raised £71 million ($93 million) in a round of funding from Stripe, Goodwater Capital, Sequoia’s Michael Moritz, Passion Capital, Thrive Capital, and Orange Digital Ventures.
  • This latest tranche takes the company’s total funding to £106 million ($140 million) and values the London-based startup at £280 million ($366 million).
  • Founded in 2015, Monzo is one of a number of so-called “challenger banks” setting out to compete with larger incumbents by catering to millennials with a service built with smartphones in mind.
  • Elsewhere, fellow U.K.-based banking startups Starling Bank and Atom Bank have raked in $70 million and $220 million respectively, while Germany’s Peter Thiel-backed N26 — funded to the tune of around $50 million — just announced that it will be launching in the U.K.