The Monzo rating reaches $ 4.5 billion because thousands of new customers have been attracted

The evaluation of the British digital bank Monzo has increased to $ 4.5 billion, an increase of more than 200 percent since the beginning of the year, since thousands of new customers have contributed to double the turnover.

A sharp recovery has been marked since warnings that the online bank could have difficulties after a bloody start of pandemic to continue the continued existence of society.

The increasing assessment follows a financing round of $ 500 million, which is listed by the Abu Dhabi Growth Fund and supported by the new investors Coatue and Alpha Wave Ventures as well as the existing shareholders Accel and Goodwater.

The online loan, which drives new products such as trading in cryptocurrencies and immediate payment spout financing, was rated to only 1.25 billion GBP in February after falling in 2019 due to the pandemic of USD 2 billion.

"This round goes back to a fantastic year for Monzo," said CEO TS Anil. "We have achieved record sales, launched new products and tools and continued to list the charts for our services. We have set some incredible talents."

The online loan was hit hard last year, as lockers led to the card transactions on which he lived up to collapse, which led to a legal net loss of 130 million pounds in 2020, which corresponds to an increase of 13 percent compared to 2019

At that time, the auditing company Ernst & Young warned in the second year in a row of "essential uncertainty" with regard to the continuation of the company.

While the assets of the company known for its coral cards have improved significantly, his evaluation is still behind its most important British digital rival revolut. In July, the company achieved an assessment of USD 33 billion

Monzo also had to accept a number of regulatory setbacks this year.

The lender said in July that he was examined by the Financial Conduct Authority for possible violations of the laws to combat money laundering and then withdrew his application for a US bank license after the supervisory authorities had stated that approval was unlikely.

Investors have dismissed these blows because they concentrate on the doubling of the income this year, which is partly due to diversification efforts. Around 25 percent of the sales came from new products that came onto the market during pandemic, such as business and premium accounts.

It has reached 5 million customers, with around 100,000 new customers being added every month.

The increase in customer numbers means that Monzo will probably increase its number of employees, although it is not expected that the company will repeat the increase of almost 60 percent since January 2021 to 2,100.

A change in its marketing strategy is also considering, since it has largely relied on word of mouth since it was founded in 2015.

In addition, the company explores new products such as a platform for private investors to invest in stocks, said families from Financial Times said with the matter. This also includes trading in cryptocurrencies, which is only in an exploration stage.

The platforms have increasingly opened to trade digital assets, the total market value of which has increased to more than $ 2.4 trillion.

Revolut offered cryptocurrencies trade for the first time in 2017, while the British investment app Freetrade is also considering a move into the market.

In addition to the online banks, established lenders such as JPMorgan and Goldman Sachs have launched digital offers to compete for younger customers.