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UK challenger bank Monzo raises $500 million

UK challenger bank Monzo has hit a valuation of $4.5 billion after securing a $500 million funding round led by Abu Dhabi Growth Fund, according to the Financial Times. New investors Coatue Management and Alpha Wave Ventures also participated in the round alongside existing backers such as Accel and Goodwater.  The new valuation represents a reversal of fortunes for the company, which has had two warnings previously in its annual reports over its ability to continue financially. However, thanks to a …