UK app-based bank Monzo secured £71 million in its latest funding round, with the investment arm of Orange among the companies increasing their stakes.
Although no formal plans for expansion outside of its home market have been announced, in a blog discussing the funding Monzo hinted it may use the money to move into other countries. This is in addition to attempting to boost its UK base.
Within the past 12 months, the bank increased its number of users from 100,000 to almost 500,000. In its blog, the company added: “we can continue the growth we’ve seen so far into 2018 [using the funding] and build on our mission to bring Monzo to as many people as possible, in the UK and beyond.”
Earlier in 2017 the company secured a licence to provide full current account services in the UK, having offered a limited service using prepay cards since launch in 2015. Monzo is now in the process of rolling out new services to existing customers and issuing physical debit cards.
Investors taking part in the latest funding round include US-based point of sale terminal provider Stripe, technology investors Goodwater Capital and the Crankstart Foundation. Passion Capital, Thrive Capital and Orange Digital Ventures increased existing stakes in the company.
Monzo CEO Tom Blomfield (pictured) said: “We’re grateful and flattered to be joined by such high-calibre investors, who have unparalleled experience in growing and scaling globally-successful businesses.”