UK-based digital banking startup Monzo is poised to close a $150 million financing round that will value the fintech company as high as $1.5 billion, the FT reports. One of its prime competitors in Britain and beyond, Revolut, just closed a $250 million round at a $1.7 billion valuation, for your comparison.
Accel Partners is one of the investors named to be in talks with the former neo-bank.
The FT also cites Monzo co-founder and CEO Tom Blomfield, who says the company is signing up 18,000 customers a week with a goal to reach as many as 4 million customers in the next couple of years. Again, for your comparison, Revolut's self-described target is 100 million customers in 5 years.
Other well-financed Monzo competitors include Atom, Tandem and Starling in the UK, and N26 in Germany.
Yup, fintech sure is staying popular here for financiers in Europe.