MONZOThe UK-based fast-growing rival bank has raised more than 2 million account holders with 113 million pounds (about $ 144 million) in additional funding.
making sure Screecch scoop In April, Round F is led by the Y Combinator Growth Fund, giving the company a new valuation of approximately £ 2 billion (US $ 2.5 billion). This is double the £ 1 billion valuation he received in October last year.
A number of new and existing investors have also participated in the F series, including Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel and Orange Digital Ventures.
Investment by London-based Latitude, Growth Fund from a prolific investor LocalGlobe, Particular mention should be made of this LocalGlobe Himself did not return Monzo before. The same can be said about YC continuity, taking into account that MONZO Not a YC graduate (although GoCardless, co-founder Tom Bloomfield, co-founder of Monso, participated in the Silicon Valley accelerator).
Acquisition: The Growth Fund associated with the early stage fund can be great Antidote to anti-wallet (A list of successful companies that VC has failed or not been able to or has chosen not to invest in).
At the same time, the new financing round offered by Monzo and YC support should be seen not only in the context of rapid growth and product market suitability in the UK – the rival bank is currently adding 200,000 new subscriptions to its current account each month – but also recently unveiled plans to launch initially Across the pond.
We were told first that Monzo was engaged in a US-based team assembled more than five months ago, and the UK company Make official US plans last week. This will see the Monzo application in the United States and the related Mastercard debit card available through personal subscriptions in upcoming events. The initial set will consist of a few thousand cards, supported by a queue for a wider launch.
The United States is launched in partnership with a local bank, but in the long run Monzo plans to apply for a US bank license, similar to the strategy it used in the UK to own and manage as much technology, product and organizational infrastructure as possible.
In the UK, this helped Monzo achieve 80 points in the NPS, which Bloomfield previously told me was unusually high for the bank. This shows that 60% of UK subscriptions are still active in the long run and are dealt once a week. However, the percentage of Monzo users who pay a salary in their Monzo account ranges from about 27% to 30% of active users, indicating that a large number of Monzo customers do not use it as their primary account. (Monzo's definition of a salary is anyone who deposits at least £ 1,000 a month by bank transfer).
Thus, success in the United States was not recognized, Bloomfield admitted when I contacted him earlier this month. Instead, he said the key to cracking North America was to create a fully translated version of Monzo based on carefully listening to American users and finding once again the convenience of the product market. Says there are clear and obvious cultural and technical differences in the way Britons and Americans save, spend and manage their money, which will require a major difference in product from the UK version of Monzo. A new £ 113m capital injection was designed today to provide some breathing space.
As a side note, there are encouraging signs from other London-based technical technologies that have ventured across the pond. One recent example of this is the Cleo's financial chatbot "Digital Assistant", who entered the United States a year ago and was More successful than expected by the company, Cleo's vision adds 650,000 active US users to date. In fact, the United States currently accounts for more than 90% of New Cleo users, prompting one source to describe the UK startup as an effective US company now.