Monzo doubles valuation to £2bn as fresh capital injection sets up US leap

The round was led by US investment firm Y Combinator, with participation from Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel, and Orange Digital Ventures.

Earlier this month app-based Monzo, which currently boasts over two million customers, with 40 thousand new joining every week, confirmed that it will open its first accounts to US consumers in summer 2019.

Its US roll out will see the opening of a Los Angeles office and the Monzo app and Mastercard debit card will be available to U.S. clients.

They’ll have access to services like instant spending notifications, person-to-person payments, split money into pots, and enjoy fee-free spending abroad, representing a “lite launch” rather than the full range of interest-earning accounts and overdraft offerings available in the UK. 

Monzo said it will open its first U.S. accounts in the summer.

However, the rollout will be slow, allowing people to register only at “face-to-face events” in major US cities before allowing others to sign up on a waitlist.

The bank doesn’t yet own a U.S. banking licence, so it plans to partner with FDIC-insured Sutton Bank at launch before applying for its own US licence.