UK-based mobile-first bank provider Monzo has raised £19.5m ($24.5m) from investors including Orange Digital Ventures, the corporate venturing arm of mobile phone company Orange.
Thrive Capital and Passion Capital also contributed to the round, which will be extended through a £2.5m equity crowdfunding campaign in mid-March.
Founded in 2015 as Mondo, the company enables users to open and manage a bank account entirely through a mobile app. The money will be used to launch full-fledged current accounts this summer and to drive recruitment.
Passion Capital previously led a £4.8m bridge round in October 2016, after supplying £5m in February 2016 and injecting £2m in seed capital in 2015.
In March 2016, Monzo raised £1m through an equity crowdfunding campaign through Crowdcube, securing the money within 96 seconds and crashing the website.