Monzo, a fintech unicorn based in the United Kingdom, is set to achieve a £4 billion valuation as part of its latest funding round.
The media reported that now the mentioned brand, functioning as a digital bank, has a customer base consisting of more than nine million people with personal current accounts in the UK, and is negotiating with investors about raising new funds. According to preliminary information, investors such as Index and General Catalyst are taking part in the negotiation process.
Monzo’s success is the result of what can be described as self-spreading fame. Companies and individuals are aware of this virtual financial institution from each other. The high level of work quality allowed the digital lender to form a wide customer base. Monzo is currently the largest challenger bank in the United Kingdom. The lender is also the seventh-largest retail bank in the UK.
Monzo CEO TS Anil hailed the achievement in the form of a customer base that exceeded the landmark mark of 9 million people. He also noted that customer orientation is a fundamental element of the ideology of a digital financial institution. At the same time, TS Anil noted that the virtual bank has a lot to do to create one app capable of meeting all the monetary needs of customers.
Achieving the £4 billion valuation target, which the digital lender is aiming to reach as part of the expected raising of investment funds, will help facilitate Monzo on the way to creating new products. This result is not guaranteed but its probability is high.
The digital bank also offers an investment function. This feature provides customers of a virtual financial institution with the opportunity to invest money in funds overseen by BlackRock.
