Just 5 months after announcing £85 million in Series E funding, Monzo is already gearing up to raise additional funding, which would almost double its valuation.

As reported in the Sunday Times yesterday, the U.K. challenger bank is close to raising £100 million in further funding in a new round led by an unnamed U.S. investor. If the deal goes through, it will reportedly give Monzo a pre-money valuation of £2 billion, up from £1 billion in October.

Now TechCrunch has learned that the new U.S. backer is Y Combinator.

According to multiple sources within investor circles both sides of the pond, the Silicon Valley accelerator and venture capital fund plans to invest in Monzo out of its growth fund, the vehicle it typically uses

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