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To boost revenues, Monzo Bank widens loans offering

U.K.-based financial technology company Monzo Bank Ltd. has started offering loans to customers with current accounts in a bid to bolster revenues, the Financial Times reported.

The digital bank, which is valued at just over £2 billion, will offer loans of between £200 and £15,000.

An annual interest of 3.7% will be charged for loans above £7,500 with a maximum of 24% for smaller loans, the lender said.

The bank, meanwhile, is seeking to raise "hundreds of millions of pounds" from institutional investors during its next equity funding round, Financial News reported, citing CEO Tom Blomfield.

Blomfield noted that the firm has now "checked out" of venture capital and is looking for long-term investments that can stay for the next 10 or 20 years, the report noted.