The deal will double the Orange and Stripe-backed digital bank’s valuation to $2.6bn, making it the second most valuable fintech developer in the UK.

Monzo, a UK-based mobile financial services provider backed by telecommunications firm Orange, is set to raise $100m ($130m) in funding from a new, unnamed US-based investor, the Sunday Times has reported. The transaction has been approved by Monzo’s board of directors, but could take several months to receive approval from regulator the Prudential Regulation Authority,…

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