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Challenger bank Monzo raises $144 million led by Y Combinator Continuity and Latitude

Monzo, a U.K.-based challenger bank, said it raised $144 million (113 million British Pounds) in funding, led by Y Combinator Continuity and Latitude, according to a new blogpost

Monzo said it now has more than 2 million customers, with about 200,000 joining the bank by the end of June.

The announcement comes less than two weeks after Monzo announced plans to enter the U.S. market during the summer. Monzo will work with Ohio-based Sutton Bank, which is FDIC insured, to launch a U.S. neobank. 

Just yesterday, Monzo officials said the bank is testing new business accounts with a group of 100 customers and plans a wider rollout of firms on a waitlist, according to a blogpost. There are currently about 15,000 business owner on the list.