Silicon Canals
TRENDING
  • Mobility
  • AI
  • FinTech
  • Software & SaaS
No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Jobs
  • Partner with us
  • About us
    • About
    • Contact
    • Newsletter
    • Team
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Jobs
  • Partner with us
  • About us
    • About
    • Contact
    • Newsletter
    • Team
No Result
View All Result
Silicon Canals
No Result
View All Result

UK challenger bank Monzo’s evaluation dips by 40% but raises €66.8M in latest bridge funding round

Shubham Sharma by Shubham Sharma
June 17, 2020
in News, FinTech, Software & SaaS, Startups
0
UK challenger bank Monzo’s evaluation dips by 40% but raises €66.8M in latest bridge funding round
64
SHARES
LinkedInTwitterWhatsAppFacebook

The market is just starting to recover from COVID-19’s impact. While many expected that funding rounds would be far and few, we reported that the VCs are as eager as ever to invest in promising companies. The latest example of this is the UK challenger bank Monzo, which has announced raising €66.8M in the latest bridge funding round. Even though fresh funds are good news for the company, not everything is rosy. 

New bridge funding but share pricing remains the same

The latest funding round was backed by Monzo’s existing investors Y Combinator, General Catalyst, Accel, Stripe, Goodwater, Orange, Thrive and Passion Capital. Some new investors such as Reference Capital and Vanderbilt University participated as well. While raising fresh funds is good news for the bank, the share pricing for people who invested in the company back in 2018 hasn’t changed. 

 - Partner content -
Industry & Infrastructure post-COVID
Industry & Infrastructure post-COVID
Check out solutions to the most pressing problems in the Industry & Infrastructure...Show More
Check out solutions to the most pressing problems in the Industry & Infrastructure theme. Show Less
Read more

The latest raise was a down round for Monzo since its pre-funding evaluation stood at €1.38 million, compared to the €2.2 billion post-funding evaluation, back in 2019. This is a 40 percent hit and is most likely a result of the current market conditions due to the coronavirus crisis. Shares of the company remain £7.7145 (€8.6 approx) for those who invested in the crowdfunding round for the company’s share back in December 2018. 

“Closing a new round is great news for Monzo. Our investors continue to support our mission to make money work for everyone. This means we can keep growing and building products that give people more control over their money – even in the current economic climate.” The VP Marketing at Monzo, Tristan Thomas, writes in a post. “As well as raising new funding, we’ve also given investors who invested in our Series F funding round last year additional shares to put them in the same position as if they’d invested then at a share price of £7.7145.”

Turbulent times for Monzo

The coronavirus has a drastic effect on many businesses and Monzo was not untouched by it. The company planned to lay off up to 120 people at its U.K office but the tally is said to be around 80. Earlier, it had to do layoffs in the US and shut down its Las Vegas-based customer support office. Furthermore, the bank had almost furloughed about 300 of its employees in the U.K.

Things are now looking up for Monzo. its business banking product was launched back in March this year and it has now reached 25,000 signups. Aimed at sole traders and SMEs, the company’s business bank accounts come with free and premium options, which offer varying sets of features. Monzo is a London-based digital banking startup that was founded back in 2015. Founders of the company are Tom Blomfield, Paul Rippon, Gary Dolman, Jonas Huckestein, and Jason Bates.

Image Credits: Monzo

close

Want to stay on top of the latest rounds, coolest tech and hottest startups?

Subscribe to our free, daily news blast and stay up-to-date!

Check your inbox or spam folder to confirm your subscription.

 - Partner content -
Future Hamburg Award 2021
Future Hamburg Award 2021
Call for startups with innovative solutions for the future cities from all over the globe.
Call for startups with innovative solutions for the future cities from all over the globe. Show Less
Read more
Tags: featuredFinTechnews
Share4Tweet15SendShare28

Featured events

Current Month

april

14apr11:0012:00FeaturedFree Webinar: GRECA – investor search via digital matching

Partner content | Work with us

Amsterdam-based SaaS startup SwipeGuide raises €5M for international expansion; aims to double its staff in 2021

Innovation against climate change: what Blue Tulip Awards’ experts on Climate & Energy are looking for

Blue Tulip Awards’ experts of Finance & Prosperity: why COVID, regulations and digitisation boost innovation

Former Booking.com CEO Kees Koolen backs €5.2M funding round of Amsterdam’s cleantech startup Sympower

Emission-free farming and AI for equal job opportunities are the Blue Tulip Awards winners of Generation 2

Silicon Canals Jobs


Breaking news from Amsterdam | Partner

Amsterdam-based MessageBird acquires 24sessions to add video to its omnichannel offering; also acquires Hull

Techstars ties up with ABN AMRO to launch ‘Future of Finance Accelerator’; welcomes 10 startups to Amsterdam

Amsterdam-based fintech Recharge.com raises €10M in debt funding; appoints Azimo’s Michael Kent as new chairman

Shaken by the pandemic, but not stirred: The current state of co-working in Amsterdam

  • About Silicon Canals
  • Partner with Silicon Canals
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy policy
  • Terms & Conditions Silicon Canals

Silicon Canals 2014-2020 | Website: Bright Idiots

No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdam
  • Events
  • Jobs
  • Partner with us
  • About us
    • About
    • Contact
    • Newsletter
    • Team

Silicon Canals 2014-2020 | Website: Bright Idiots

X

This website uses cookies to ensure the best possible experience. We may share this information with our advertising and analytics partners. By clicking 'Accept', you agree to our use of cookies and similar technologies. More info