However, Blomfield insists that Monzo's per account running cost
has continued to fall, from £65 last September to just £10 today(versus £150+ in a traditional bank).
With a fresh £85 million($111.6 million) in the bank, quite literally,
CEO and founder Tom Blomfield told Forbes that he's already looking
to raise even more money in 2019 to launch Monzo's long-mooted U.S. expansion.
An additional £20 million($26.2 million) is already set to be raised later this year(technically part of this current funding round),
via a crowdfunding campaign that Blomfield says will be open exclusively
to Monzo customers via the bank's app.
Blomfield also boasts that Monzo is“about to hit a million customers
and on average we have paid close to zero pounds per customer to acquire them”- and while that might have been true in the past, it may not be for much longer.