28 November 2018
Monzo, the UK's digital, mobile-only bank, has published a prospectus in connection with £20 million to be raised from its existing customers.
The news follows the close of £85m of funding in October from General Catalyst, Accel and existing investors, which Taylor Wessing advised on.
This latest crowdfunding round, supported by Hogan Lovells, is Monzo's biggest one to date. The Hogan Lovells team was co-led by London Corporate Partners Richard Diffenthal and Daniel Simons, working alongside Monzo relationship Partner Jon Chertkow, assisted by Nagham Al-Turaihi and Peter Finch.
The Taylor Wessing team was led by corporate technology specialists, Adrian Rainey and Adam Thatcher.
Partner Adrian Rainey said: “The pace of development at Monzo has been extraordinary since we worked on the company's first funding in 2015. We are delighted to continue to support Monzo, working closely with the excellent Dean Nash, Diana Milanesi and Andrew Macklin.”
Dean Nash, General Counsel and Chief Risk Officer at Monzo added: "The Hogan Lovells and Taylor Wessing teams worked seamlessly alongside each other, bringing an efficiency of process to this substantial and complex deal which drew heavily on their market knowledge".
Richard Diffenthal, Corporate Partner at Hogan Lovells, added: "It's been a real privilege to support one of the UK's most dynamic and fastest growing companies - keeping up with the pace of change in the business has certainly kept us on our toes whilst putting together the prospectus. We were delighted to advise on this exciting deal which will see Monzo into its next stage of growth."
by multiple authors
by Howard Palmer and Elinor Picton