By Aisling Finn on Friday 15 May 2020
The drop in valuation to £1.25bn comes just 18 months after Monzo first reached unicorn status.
Digital bank Monzo may see a nearly a 40 per cent drop in its valuation as it seeks it’s latest round of fundraising.
The latest suggested valuation places the fintech at about £1.25bn, a huge step down from its £2bn valuation it received in June last year following a £113m Series F raise.
Despite the drop in valuation, AltFi understands Monzo was able to attract both new and existing investors for the raise.
In early April it was confirmed that Monzo’s founder and CEO Tom Blomfield would be forgoing his salary for the next 12 months and top executives would take pay cuts to ensure that their staff still received their salaries.
It hasn’t been all doom and gloom for the challenger, who became the most-switched to bank for the first time ever during Q4 2019, with a total of 20,843 net switches.
Monzo was approached by AltFi for comment but declined to provide one.