As was rumored last month Monzo has confirmed it has closed a new £60 million round of funding at a £1.24 billion valuation, 40% lower than their previous round; several existing investors participated in the round including Y Combinator, General Catalyst, Accel, Stripe, Goodwater, Orange, Thrive, Passion Capital as well as new investors Reference Capital and Vanderbilt University; according to Techcrunch several of the later stage investors played hardball on this funding round driving down the valuation; like many other banks and fintechs the pandemic has caused a drop in credit card spend both at home and abroad resulting in significantly less revenue from interchange fees. Techcrunch
