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Monzo raises £19.5m Series C round backed by Spotify and Instagram investor

London-based challenger bank Monzo has announced it has raised £19.5m in its Series C round and is to launch another equity crowdfunding on Crowdcube.

Funding in the digital-only bank was led by Thrive Capital, with contribution from Orange Digital Ventures and Passion Capital, in a funding round that values that Old Street FinTech startup at £65m.

Currently operating as a pre-paid card service with a linked app, this latest funding round will help it meet the capital requirements necessary to launch its full current account which it plans to do imminently.

Following its big Series B round, Monzo has also revealed that it intends to run a second crowdfunding campaign at the end of this month on Crowdcube, as it looks to raise £2.5m from crowd investors.

It comes after its last £1m crowdfund closed in just 96 seconds following massive demand from investors.

In comments reported by City AM, Miles Grimshaw of Thrive Capital, which has previously invested in Spotify and Instagram, commented: “Banks are not meeting the needs of the modern consumer.

“Consumers are used to the ease and convenience of offerings like Amazon, and they expect the same from their bank. Building a modern banking experience from front to back is an incredible challenge and we haven’t met a better team to take it on.”

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