The London and Silicon Valley Technology teams advised Y Combinator’s Continuity growth fund on its participation in a Series G investment of £60 million into Monzo Bank Limited, a bank with over 4.2m customers focused on disrupting the traditional banking sector. A number of new and existing investors participated in the funding round including Swiss fund Reference Capital, Vanderbilt University, Accel, Thrive Capital and Passion Capital.
Launched in March 2005, Y Combinator is an American seed accelerator which provides seed funding for startups. Y Combinator Continuity is an investment fund dedicated to supporting founders as they scale their companies. The fund’s primary goal is to support YC alumni companies by investing in their subsequent funding rounds.Monzo is a bank with over 4.2m customers based in the United Kingdom focused on disrupting the traditional banking sector. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.
For additional details on the funding round, please read Sifted’s press coverage.