Fintech company Monzo, the mobile-only retail bank with a customer operations centre based in Cardiff, has raised another £113m in its latest investment round – taking its valuation to over £2bn.
The app-based bank raised £113m from a group of investors led by Y Combinator, a US-based investment firm best known for backing Airbnb, Dropbox and Reddit, and is now the second most valuable fintech startup in the UK.
Monzo announced in January that it will create over 300 jobs during the next four years in the heart of the Welsh capital with Welsh Government support, the first challenger bank to nearshore to Wales from London. Almost 200 staff are currently based in Monzo’s Cardiff office.
Granted a banking license in 2017, Monzo has started to deliver on its marketplace vision, with recent launches of savings accounts provided by other banks and building societies, the ability to switch energy providers within the app and an all-new premium service, Monzo Plus. The banking app also provides customers with a user-friendly analysis of their spending habits, the ability to block their card instantly and spend abroad without fees or charges.
The brand is popular with millennials, with two million current users and the expectation to reach three million in months. They announced a US launch last month.
The most promising fintech companies in Wales can benefit from an abundance of support, including accelerator programmes, incubator hubs, Welsh Government, Development Bank of Wales, and the recently launched, industry-led Fintech Wales.