Challenger bank Monzo has reportedly raised 拢60m from investors including Novator, Kaiser, TED Global and聽Goodwater according to TechCrunch.
Monzo has yet to confirm the the raise, but chief executive TS Anil said in a statement: 鈥淲e鈥檝e raised 拢125m this year, achieved strong organic growth and are now nearing 5m customers, all while becoming the most switched to bank in the UK and the top rated for overall service.鈥�
The latest raise, reportedly an extension of an earlier 拢60m, would bring its total funding since COVID began to 拢125m.
In July the firm revealed its second attempt to launch paid-for features through its Monzo Plus product. In the same month the firm revealed losses after tax of 拢113.8m in its 2020 financial year and up to 80 redundancies, while revenues rose to 拢67.2m from 拢19.7m in the same period.
Figures shared with TechCrunch suggest the digital bank is now approaching 5 million customers, including 60,000 business users and more than 100,000 customers across its聽 Monzo Plus and Monzo Premium offerings.