Monzo has secured an additional £60m in funding, taking its total raised in 2020 to £125m, as it battles the effects of the coronavirus pandemic.

The digital bank had previously closed a £65m top-up in June, valuing the firm at £1.2bn — down 40% from its £2bn valuation in 2019. This round was raised at the same lower valuation, a Monzo spokesperson confirmed.