Monzo to raise a further £50 million from Octahedron Capital and existing investors.

Monzo, a London, UK-based financial services provider, announced completing an additional £50 million ($69M) capital funding round.

The money was raised from existing investors and included contributions from Octahedron Capital. The round is an extension to a previous round announced at the end of 2020, at a company valuation of £1.24 billion ($1.7bn).

Monzo, founded in 2015 by Gary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon and Tom Blomfield, is a digital-only bank platform and marketplace that allows customers to access a range of products and services.