Monzo smashes past £2bn valuation in fresh round from Silicon fund

Just six months on from its last capital plug, digital bank Monzo has raised £113m from major US tech investor Y Combinator in a round that values the startup at more than £2bn.

Through its Continuity fund, Y Combinator joined the round alongside other investors including Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel and 
Orange Digital Ventures.

At an increase of more than £1bn since its last valuation in October, the new figure puts Monzo ahead of its largest rival Revolut – last valued at $1.7bn (£1.3bn) in April 2018.

A spokesperson for Monzo said it will use the funding to continue strategies already in the pipeline, such as its recent US expansion.

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