London – November 7, 2018 – Cooley advised Accel and General Catalyst as lead investors in UK digital bank Monzo’s £85 million fund raising. The investment brought Monzo’s valuation to more than £1 billion, creating the UK’s latest unicorn. Aaron Archer led the Cooley team advising Accel and General Catalyst.
Monzo plans to use the new funds raised to expand its product range and headcount as part of its ambition to be “the” smartphone bank. Since its founding in 2015, Monzo has built a UK customer base of more than 1 million people.
Monzo has “become one of the fastest growing consumer financial applications in history,” said Adam Valkin, General Catalyst managing director, in a statement. “What [Monzo CEO Tom Blomfield] and his team have accomplished since then is impressive – transparent pricing, a customer-centric culture, best-in-class features for social payments and financial planning and unparalleled customer love.”
Accel partners with exceptional founders with unique insights, from inception through all phases of growth. General Catalyst is a venture capital firm that makes early-stage and transformational investments. The company backs fearless entrepreneurs who are building market-leading technology companies.
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