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The London-based digital-only bank platform Monzo has secured its Series F round of funding. The latest funding round was led by Y Combinator’s Continuity growth fund and Latitude, who helped the company raise €126 million for its future endeavours. As a result of the freshly acquired funds, the firm’s valuation has now doubled and it stands over €2.2 billion.
Monzo also revealed that over two million people are using its platform and the funding news comes soon after Monzo announced its plans of expanding to the US. The company has exhibited rapid growth as it first reached a valuation of about €1 billion last October and has now managed to doubled it. Here are five other most successful European digital banks, backed by powerful fundings, who could be the most impacted by the development and via DealRoom.
TransferWise (London, United Kingdom)
Total funding: €360 million
The UK based money transfer platform TransferWise made waves when it launched its services. The company provides an easy way to manage money and make international money transfers as it charges less than even some leading banks for its services. The company also secured a good amount of funding from multiple sources and as per DealRoom, its total funding stands at €360 million and its valuation is at €3 billion, which means that Monzo is quickly catching up with one of the market leaders in the segment.
Revolut (London, United Kingdom)
Total funding: €309 million
Revolut is a UK-based fintech startup that offers multiple banking services. Users of the service get a mobile-based current account that allows one to exchange, transfer and hold without any additional fees. Alongside money transfers, the company also lets people exchange cryptocurrencies. Launched in 2015, the company rounded off total funding of €309 million till date and has an evaluation standing at €1.50 billion.
N26 Group (Berlin, Germany )
Total funding: €466 million
The N26 Group started off in 2013 and it aims at making your financial life easier. It offers ‘All-in-one’ banking with ‘Zero’ hidden fees and other banking services. The company’s valuation estimated in January 2019 is at €2.38 billion and it has raised €466 million in funding to date. The company
Atom Bank (Durham, United Kingdom)
Total funding: €430 million
Atom Bank is a fintech startup and a challenger bank that provides banking services through a smartphone app. The company launched its services for the public in March 2014 and has a valuation of over €558.32 million.
Tide (London, United Kingdom)
Total funding: €102 million
With a firm valuation standing between €22.01 – €33.46 million, the London based emerging brand in SME challenger banking, Tide, launched in 2001. The company is aimed at small businesses and one can open an account with them easily as everything is app based.
Stay tuned to Silicon Canals for more updates in the tech startup world.