Monzo set to become the next European fintech ‘unicorn’

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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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