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Monzo: Cash Burn Sets Stage For Big Capital Raise In 2020

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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

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