Monzo set to become the next European fintech ‘unicorn’


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.


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