We wanted to share an update you may have just seen in the news, that we’re raising more than $500m (£377m) at a valuation of $4.5bn (£3.4bn) as part of this funding round.
We’re pleased to say we’ve closed the first part of that funding, and raised $480 million (£360 million).
We’ll be sending all our crowdfunding investors an update once we’ve closed the full round, so stay tuned.
Is there a press release with this in? (Emphasis mine).
Edit: later from the article:
it is exploring new products such as a platform for retail investors to invest in stocks, people familiar with the matter told the Financial Times. This will include cryptocurrency trading, although this is only at an exploratory stage.
It is considered bad form to reproduce an article, especially one behind a paywall, so quickly summarising the FT article:
Previous $500m funding round was led by Abu Dhabi Growth Fund and backed by new investors Coatue and Alpha Wave Ventures and existing shareholders Accel and Goodwater
TS Anil is pretty cheery
Revenues doubled and 25% came from things like Plus and Premium
Number of employees likely to increase, but not as fast as during last major expansion
Might change to less of a word of mouth marketing approach
Might consider ability to invest in shares (not Monzo ones!)
Might consider crypto trading (looking forward to those topics…)
Share price was £7.71 when we were worth £1.1 billion
Surely the share price is now 7.71*3.1 at £3.4 billion = £23-ish (probably a little less due to dilution after the raise)
Looks to me like the dilution happened before the increase in value? i.e. we’ll invest $500 million at the £7.71 sp? and then you can release the new valuation after we’ve had our ‘discount’