The latest raise will take Monzo’s total raised during the pandemic to £175m.
According to Business Insider, Monzo’s new investor is San Francisco-based VC Octahedron Capital, which, in the last month alone, participated in AI-focussed fintech Databricks’ $1bn Series G and Indian fintech Udaan’s $280m fundraise.
Blomfield stepped down from his role as CEO and into the role of President in May 2020, with US CEO TS Anil moving into the position of Group CEO as a result.
The pandemic has hit Monzo hard, with the bank being one of the first major fintechs to make redundancies in the Spring of last year and its annual results “cast material uncertainty” over the bank’s future.
Despite the knocks, Monzo has reattempted the launch of its paid accounts, seemingly with more success the second time around, drawing in 50,000 Monzo Plus users after just one month, with the figure now nearer 100,000 Plus and Premium subscribers according to the bank.
Since the middle of September, the digital bank added 20,000 business customers, taking its total to over 70,000 SME users.
The digital bank is in arm’s reach of 5m customers, currently standing at over 4.9m according to its website.