British mobile-only bank Monzo has raised £71m in its latest round of funding, which doubles its valuation to £280m.

Participants in the funding round include Goodwater Capital, Stripe, and venture capitalist Michael Moritz through his charitable trust Crankstart Foundation. Previous backers Passion Capital, Thrive Capital and Orange Digital Ventures have also made follow-on investments in the new funding round.

The digital bank intends to use the funds in strengthening its hiring efforts and enabling crowdfunding investors to increase their investments.

“This is an incredible endorsement of our strategy so far, and we’re so excited about the opportunities this investment unlocks. Ultimately, this means we can continue the growth we’ve seen so far into 2018 and build on our mission to bring Monzo to as many people as possible, in the UK and beyond!,” Monzo said in a statement.

In February 2017, Monzo raised £19.5m in funding from Thrive Capital, Passion Capital, and Orange Digital Ventures- the venture unit of telecom operator Orange.