Monzo is reportedly topping up its recent fundraising round, with new investment from an early backer of Airbnb, bringing the overall funding round to around £500m.
The report says that the UK challenger bank, which now has more than nine million customers, has agreed on terms with Hedosophia, an early backer of Airbnb and Uber as well as Wise, and Singapore's Government Investment Corporation (GIC) to participate in the top up round.
It says that GIC was investing over £50m, with Hedosophia also committing tens of millions of pounds to the round.
The new funding would add to its recent £340m fundraise, which valued Monzo art around £4 billion, bringing the round’s total to around £500m.
The report says details of the extended funding could be announced as early as this week week by Monzo.
Monzo is now profitable and in a recent interview its CEO TS Anil said it had pulled away from challenger rivals like Starling and Revolut.
Founded in 2015, Monzo is largest digital bank in the UK and the 7th largest UK bank by customer numbers.
Monzo declined to comment on the report by Sky News.
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