StageSeries H - II | Alive
Last Raised$100M | 1 yr ago
Monzo operates as a digital bank. It offers a mobile application that allows users to manage their money, check their account balance, track financial transactions, and more. The company was formerly known as Mondo. It was founded in 2015 and is based in London, United Kingdom.
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Research containing Monzo
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CB Insights Intelligence Analysts have mentioned Monzo in 15 CB Insights research briefs, most recently on May 2, 2023.
Jun 30, 2021 report12 Industries That Will Thrive Thanks To Millennials
Expert Collections containing Monzo
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Monzo is included in 4 Expert Collections, including Banking.
Unicorns- Billion Dollar Startups
Latest Monzo News
Jun 5, 2023
Common Magic has raised a third of £10m target 3 min read Prolific angel investor and ex-Googler Sarah Drinkwater has raised a third of a £10m fund. The fund, called Common Magic, will back European and US startups at pre-seed and seed building “products with community at their core”. While Europe has seen more solo GPs emerge in recent years, Drinkwater is the only female solo GP in the region who doesn’t have a traditional VC background. It also makes Drinkwater one of several Atomico angel programme participants — including Deepali Nangia, partner at Speedinvest, and Stefano Bernardi, solo GP at Unruly Capital — who have gone on to become full-time VCs. Atomico is also an LP in Drinkwater’s fund. What’s Common Magic’s fund strategy? Common Magic will back about 30 companies with cheques of £100k-150k on average and is in the process of doing its first deal. Advertisement Drinkwater says she has a preference for “first rounds” when other institutional investors haven’t yet backed a company. The fund has a “light reserve strategy”, meaning that it won’t set aside much money to do follow-on investments in outperformers in the portfolio. “My goal with this fund is really to weave the speed and style of an angel — fast decisions, blunt feedback — while at the same time being operationally useful in a particular area,” she says. Hence Common Magic won’t lead deals or take board seats. “So many of my founders, as an angel, have used me to, for example, practice something they want to message to their lead investor better. They bring it to me and we hash it out together. That's the kind of role that I want to play with founders in this fund, too. “I see VC as a support function. It’s interesting to me that VCs have become this glamorous, celebrated role and actually, to me, a VC is ultimately, picking and really supporting a certain group to go further.” What is community exactly? Drinkwater says the companies she wants to back have “some mechanism where they bring their customers, users or participants together”, and gives the example of secondhand fashion app Depop, neobank Monzo, open-source AI company Hugging Face and open source business software company Odoo as such companies. That means Common Magic is technically sector agnostic, but Drinkwater says she is seeing “lots of exciting things” in developer tools and future of work. Sifted Newsletters Join to Sign Up She believes the community component can get early-stage companies to product-market fit faster and get better product feedback. “It’s pretty clear to me that advertising doesn’t work and we’re over the growth hacking madness of the 2000s and 2010s. I believe for certain companies, community can replace that as a mechanism to build trust.” Drinkwater says she’s looking for founders that have “distance travelled” — in her definition, that’s founders who aren't 21, who may have experienced failure before and are “somehow underestimated or underrepresented in their field”. Who’s backing Common Magic? Drinkwater has 19 LPs so far. They include Atomico, Phoenix Court Group’s fund-of-funds, Basecamp, Taavet+Sten, Hugging Face CTO Julien Chaumond, Stripe CTO David Singleton and WeTransfer cofounder Nalden. Regarding the tough fundraising environment — she started raising formally after Slush in late November last year — Drinkwater says: “Raising a fund is always hard, and it should be. The privilege and the right to write cheques is not one that we should give away lightly.” Advertisement What’s the difference between being a VC and being an angel? Drinkwater has written 37 angel cheques, in companies from Olympian Jessica Ennis-Hill’s Jennis to micro-ticket investment platform Odin. She says the biggest difference between angel investing versus being a VC is discipline. “As an angel, you do things that are intellectually interesting, where you fall in love with the story, where the price is not always a factor. A 3x outcome for an angel is great, but for a fund, it’s not.” For example, she recently passed on a team in Paris because the deal’s valuation was too high. “It’s hard.” Advertisement
Monzo Frequently Asked Questions (FAQ)
When was Monzo founded?
Monzo was founded in 2015.
Where is Monzo's headquarters?
Monzo's headquarters is located at Broadwalk House, London.
What is Monzo's latest funding round?
Monzo's latest funding round is Series H - II.
How much did Monzo raise?
Monzo raised a total of $1.241B.
Who are the investors of Monzo?
Investors of Monzo include Tencent, Goodwater Capital, General Catalyst, Accel, Abu Dhabi Fund for Development and 21 more.
Who are Monzo's competitors?
Competitors of Monzo include Frost, Starling Bank, Bud, Atom Bank, wamo, Monese, Kyshi, Greengage, Moven, Fiinu and 18 more.
Compare Monzo to Competitors
Starling Bank is a digital banking platform offering personal, joint, and business accounts. It lets people visualize and manage their finances and facilitates money transfers, overdrafts and loans, multi-currency accounts, trading accounts, and more. The company was founded in 2014 and is based in London, United Kingdom.
N26 provides a mobile banking platform. It gives customers a solution to control finances. The company allows users to open an N26 account directly from their phone or computer. It also offers insights into spending habits. It was founded in 2013 and is based in Berlin, Germany.
Revolut provides a financial services application. It allows users to exchange currencies at interbank rates, sends money through social networks, and spend with a multi-currency card everywhere. It was founded in 2015 and is based in London, United Kingdom.
Atom Bank operates as a digital banking service provider. It allows customers to open accounts using a mobile application, allows to access financial information, and the ability to take advantage of a range of tools. It offers fixed deposit facilities and loan facilities for small and medium enterprises. The company was founded in 2014 and is based in Durham, United Kingdom.
Bancacao is a developer of banking products. The company's Tzune is a digital financial services platform that offers fair, contactless, and personal solutions.
Moven, formerly Movenbank, is a mobile money service that helps users spend, save, and live smarter. Users can load, transfer, spend, and track money using mobile devices. The company's tools provide users with instant feedback on transactions and spending patterns. It was founded in 2011 and is based in Fort Lauderdale, Florida.
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