Monzo, the fintech banking group, is finishing up a £500 million funding round with some of the globe’s most revered tech investors, according to reports.
Hedosophia, the early growth investor which had stakes in Airbnb and Uber, is believed to be poised to become a shareholder of the challenger bank.
Monzo could announce the funding as soon as this week after speculation that the London investment firm.along with Singapore’s Government Investment Corporation (GIC). are taking part.
Should the figure touted be confirmed, it would beat the board’s expectations and represent one of the largest fundraises so far by a UK tech firm.
GIC is believed to have committed a £50 million investment, while Hedosophia is predicted to purchase a stake worth tens of millions of pounds.
Hedosophia has previously backed British tech companies including the London-listed Wise and insurer Marshmallow.
Monzo, which is expected to go public in the next couple of years, is not likely to carry out any more private fundraisings after this one, said the report.