Monzo Raises £85M Series E Reaching Unicorn Status

Monzo, the UK-based digital challenger bank, closed an £85 million (~$108M) Series E funding round in late October 2018. The round was co-led by General Catalyst and Accel, with participation from Thrive Capital, Stripe, and existing investors. The investment valued Monzo at over $1.2 billion post-money, establishing it as a fintech unicorn.

Monzo operates as a fully licensed bank offering current accounts, payments, and budgeting tools via a mobile-first platform. Stripe's participation as an investor is notable given its own role as a payments infrastructure provider, hinting at potential platform synergies. The funds were earmarked for product development, hiring, and expanding Monzo's banking capabilities to compete with established UK high street banks.