London-based challenger bank Monzo is close to raising £22m in a new funding push.
The app-only bank has already closed £19.5m in a Series B round led by New York-based VC Thrive Capital and plans to raise a further £2.5m through crowdfunding.
Thrive’s previous exits include Instagram and Twitch with the firm counting $1bn-valued messenger service Slack and insurance disruptor Lemonade among its current portfolio.
Orange Digital Ventures became Monzo’s first corporate investor in also participating in the Series B round alongside existing backer Passion Capital.
The company has raised more than £40m in total and is now valued at $65m.
It will open take to Crowdcube to launch a crowdfunding campaign next month as it looks to raise a further £2.5m.
Monza previously picked up £1m in just 96 second on the platform.
Previously named Mondo, the startup received a limited banking license from the Bank of England in August.
The new capital will go towards fulfilling the requirements needed to become a full bank as well as expanding its team from 80 to 100 by the end of the year.
Monzo claims 100,000 users for its app who have spent more than £100m with its pre-paid cards.
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