As was rumored last month Monzo has confirmed it has closed a new £60 million round of funding at a £1.24 billion valuation, 40% lower than their previous round; several existing investors participated in the round including Y Combinator, General Catalyst, Accel, Stripe, Goodwater, Orange, Thrive, Passion Capital as well as new investors Reference Capital and Vanderbilt University; according to Techcrunch several of the later stage investors played hardball on this funding round driving down the valuation; like many other banks and fintechs the pandemic has caused a drop in credit card spend both at home and abroad resulting in significantly less revenue from interchange fees. Techcrunch
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.