MH Tech group corporate partner Andrew Wigfall and associate David Strong acted for New York investor Thrive Capital in connection with a £22m investment round led by Thrive into Monzo, the digital challenger bank. The funding values the two-year-old business at £65m.
Thrive Capital was joined in the round by Orange Digital Ventures, the venture arm of the French telecommunications company, and existing shareholder Passion Capital.
Monzo is also seeking a £2.5m fundraising through the Crowdcube platform as part of the round. It will use the funds to help fulfil its capital requirements for becoming a full bank, having gained a banking licence in 2016. It already boasts 100,000 customers who have spent £100m using its pre-paid card and is one of a number of digital-challenger banks hoping to give high-street banks a run for their money.