Challenger bank Monzo is in talks to raise pre-IPO funding, according to reports from Sky News.
The digital bank is looking to raise another £300 million, the report said, two years after it raised a similar amount from Abu Dhabi Growth Fund at a £3.5 billion valuation.
Discussions are said to be underway with a group of investment funds to drum up the new cash by the end of the year.
This is seen as the final funding round before a potential initial public offering (IPO) to float on the stock market, the report said.
Back in 2021, Monzo's previous fundraising followed a turbulent loss-making period where it faced a Financial Conduct Authority (FCA) probe into potential breaches of anti-money laundering laws.
This year, it started offering customers the option to put some savings into investment funds, with three ready-made fund options managed by BlackRock.