- Monzo secured $77.6 million in its latest funding round and reported impressive growth in its relatively new paid accounts.
- But it will have to maintain that growth to compensate for last year’s ballooning losses.
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The round brings the UK-based neobank’s total funding raised since the coronavirus pandemic’s outbreak to £125 million ($159.5 million), TechCrunch reports. Monzo raised £60 million ($76.6 million) in June, which valued it 40% lower than during its prior 2019 round. Its £1.2 billion ($1.53 billion) valuation has not changed with the latest fundraise.
The new funding could help Monzo reduce its losses, which is vital amid the pandemic. Monzo did not specify how it plans to utilize