The London based digital bank approaches unicorn status as its valuation nears $1.5b. It aims to raise $150m in its next round of funding.
The east London-based online bank, known for its distinctive pink cards, is signing up 18,000 customers a week, says chief executive Tom Blomfield Monzo, the British digital bank popular with millennials, is set to become the latest European fintech “unicorn” with a fresh round of fundraising expected to put a valuation on the company of up to $1.5bn. Monzo has grown rapidly by capitalising on disenchantment with traditional banks and a growing desire, particularly among young people, to manage their finances on their mobile devices rather than in a branch or by talking to someone in a call centre. The east London-based online bank, known for its distinctive pink cards, is signing up 18,000 customers a week and aims to reach as many as 4m customers in the next couple of years, according to Tom Blomfield, its chief executive.
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