Marriott Harrison has advised Thrive Capital on its investment into Monzo
Marriott Harrison, corporate partner Andrew Wigfall (Picture) 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.
Law Firms: Marriott Harrison;
Clients: Thrive Capital;