Y Combinator’s growth fund to back challenger bank Monzo

Sources: Y Combinator’s growth fund to back challenger bank 5 months after announcing £85 million in Series E funding, Monzo is already gearing up to raise additional funding, which would almost double its valuation. According to multiple sources within investor circles both sides of the pond, the Silicon Valley accelerator and venture capital fund plans to invest in Monzo out of its growth fund, the vehicle it typically uses to double down on fast-growing companies within its alumni. Meanwhile, the news that Y Combinator is lining up to invest in Monzo makes a lot of sense in a number of ways beyond Blomfield’s previous ties to the accelerator.

Source: techcrunch.com