Britain’s mobile challenger bank Monzo has become one of the most valuable startups in Europe, today reaching a £1 billion ($1.31 billion) valuation in its latest funding round. “[This funding round is] not for the U.S. We will do a separate fundraise to move into the U.S. Today's fundraise implies a quadrupling of the £250 million valuation Monzo reached only in November last year. Now with over 800,000 current account customers, the challenger bank has also started poaching top-tier talent from its rivals. Switching figures from the U.K.’s Current Account Switching Service revealed that just 2,702 people switched their primary current account to Monzo in the second quarter of 2018.

Source: Forbes October 31, 2018 04:30 UTC