We’ve just successfully closed a new fundraise and raised c. £60m with support from existing investors Y Combinator, General Catalyst, Accel, Stripe, Goodwater, Orange, Thrive, Passion Capital and some new investors (Reference Capital and Vanderbilt University, among them). Successfully completing a fundraise in the current economic climate is a huge achievement.
This fundraise puts us in an even stronger position going forward, strengthening our capital position to over $220 (£175m+ of capital)
This is great news for Monzo and demonstrates both new and existing investors’ ongoing support of our mission to make money work for everyone.
Now that the fundraise has successfully closed, we will continue to build on our recent successes which include reaching over 4.2m customers, becoming the most popular bank in the UK for customers to switch to, launching a successful business banking product which has now reached 25,000 sign ups and filing for a US banking license.
We have a lot to look forward to, including upcoming product launches, and we have assembled a great leadership team to drive Monzo forward and ensure we can emerge from the current crisis stronger than ever. This includes Tom as President and TS as CEO (subject to regulatory approval) and new additions Mike Hudack as Chief Product Officer and Sujata Bhatia as Chief Operations Officer (subject to regulatory approval).
We’ve never used company valuation as a success metric, we are focused on building long-term value and know that it’s normal for a company’s valuation to go up and down, particularly in the current climate – we expect it to rise again and our investors are confident of that. Monzo is valued at more than £1bn.
Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and edocr.com were acquired by GP Bullhound and Accusoft, Inc respectively.
Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.