Monzo: Cash Burn Sets Stage For Big Capital Raise In 2020
- Digital challenger bank Monzo remains in discussions to secure as much as £100m in upcoming weeks
- They plans to raise between £50m and £100m in early 2020, amplifying an earlier June 2019 deal
- Monzo, founded by entrepreneur Tom Blomfield, acquired 3.5 million customers in 2019
- It offering users a mobile app bank account and a distinctively-colored coral credit card
- Monzo lost approximately £55m as of February 2019, a significant increase from £33m at the same point in 2018
- A potentially bigger financial boost could come next year as Monzo seeks additional funding early in the new year
