Monzo, a mobile-only bank in the UK, has raised an additional £19.5m from a range of investors.

The digital bank raised the funding from US-based Thrive Capital, London’s Passion Capital, and Orange Digital Ventures- the venture unit of telecom operator Orange.

The bank said that it will use the funding to launch current accounts in the middle of this year, and expand workforce.

In addition, the challenger bank also unveiled plans to raise an additional £2.5m via an equity crowdfunding campaign on Crowdcube, which would take the total raise to £22m.  

The bank already crowdfunded £1m in early 2016. It said that existing investors from last year’s crowdfunding round will be eligible to invest this year.

Monzo (previously Mondo) received a restricted banking licence from the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) in August 2016. Other UK lenders to secure UK banking license include Atom Bank, Tandem and Starling.

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By GlobalData