Monzo in Talks With SoftBank for Expansion Funding: Telegraph

(Bloomberg) -- One of Britain’s most highly valued tech startups is looking for another funding deal.

Monzo CEO Tom Blomfield met senior executives of SoftBank Vision Fund as the company seeks to raise as much as 100 million pounds ($131 million) to expand the startup, The Telegraph reported, citing people it did not identify.

Blomfield met investors from SoftBank more than a year ago and visited the company’s Mayfair office earlier this month, the report said, adding that talks are at an early stage and a funding deal has yet to be signed. SoftBank’s future investments are likely to come from its second Vision Fund. Its first fund had invested in WeWork and Uber Technologies.

Spokesmen at Monzo and SoftBank declined to comment to The Telegraph.

Monzo is now valued at more than $2.5 billion having received 113 million pounds in new equity capital in 2019. The online-only bank said it has 3.6 million customers and 1,500 employees in a job listing.

To contact the reporter on this story: Jihye Lee in Seoul at jlee2352@bloomberg.net

To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Siraj Datoo, Sharon Chen

©2020 Bloomberg L.P.