Tag: Accel

Monzo, one of the fintech pioneers in the UK's digital banking sector, is on the brink of finalizing a significant funding initiative, securing £500 million through a strategic collaboration with technology investor Hedosophia. Sky News reported that Monzo has agreed terms with Hedosophia, an early backer of Airbnb and Uber, to become a bank shareholder. Another investor in this round is the Singapore Government Investment Corporation.

Venture capitalist Lakestar takes a stake in banking startup Swan. It leads the Series B for €37 million, with existing investors Creandum and Accel also following suit. Swan succeeds in closing the funding in a challenging market phase. The German market is growing the fastest, according to a press release. The company already has 16 enterprise customers, including Ride, Pile, and Getmomo.

Monzo, one of the "Big 3" U.K. challenger banks aka FinTechs besides Revolut and Starling Bank with more than 4.8 million customers just closed another £60 million in funding, priced the same as its last round in June when it raised £65. The new investor valued Monzo at around £1.2 billion. It was a down round, actually. The bank received a 40% hit in its valuation compared to its June 2019-round which gave it a valuation of £2 billion.