British digital bank Monzo is looking to become one of the UK’s fintech ‘unicorns’ with the new round of funding that would value the three-year-old company to more than $1bn.
The new finance is rounded from investors including Silicon Valley’s Accel Partners, which was an early investor in Wonga.
The smartphone-only bank has almost 900,00 customers, with the singer Tom Odell and the Instagram co-founder Kevin Systrom becoming investors recently.
The new investments will be used to launch new products which may include short-term unsecured loans. The bank is also looking to expand into the US as well.