Monzo set to overtake Revolut as fresh funding lifts valuation to £2bn

Monzo, the digital bank, is on track to double its valuation to almost £2bn after securing strong backing in its most recent fundraising round.

The bank will reportedly close a £100m funding round, led by a new US investor, that will take its valuation to £1.9bn and make it the UK’s second-largest fintech startup.

Despite the growing appetite among investors, the challenger bank is still yet to turn a profit and is looking for new ways to expand its services.

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