Why everyone’s talking about Monzo

London-based digital bank smashes past £2bn following fresh funding from US

Monzo chief executive Tom Blomfield
Monzo chief executive Tom Blomfield speaks at a TechCrunch Disrupt event in Berlin
(Image credit: Noam Galai/Getty Images for TechCrunch)

App-based bank Monzo has doubled its valuation to more than £2bn in just eight months, after raising a further £113m of funding.

The UK-based mobile-only bank launched in 2015 and now has two million users. And Monzo founder and chief executive Tom Blomfield, 33, is aiming to top the three million customer mark after the fintech start-up arrives in the US later this year.

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