Smartphone-only bank Monzo eyes billion-pound valuation

London-based bank set to become fintech 'unicorn' after lining up $150m of funding

Monzo, a digital bank popular with millennials, is set to become one of the UK's technology "unicorns" after lining up new finance that would value the three-year-old company at more than $1bn (787m).

The London-based bank has organised $150m of funding from investors, including Silicon Valley's Accel Partners, which was an early investor in Wonga. Monzo's fundraising will value it at up to $1.5bn - about four times the 280m value placed on the bank when it last raised money in November 2017, the Financial Times reported.