UK-based digital challenger banks Monzo and Tandem are both rumoured to be on the verge of significant funding rounds that would see their valuations soar.
According to the Sunday Times, Monzo is closing in on a £100 million raise that would value the firm at £2 billion, up from £1 billion at the time of an £85 million round in October.
The Times says that the new funds would come from an unnamed American investor, since identified by TechCrunch as Silicon Valley accelerator and VC fund Y Combinator.
While the Monzo board has already approved the investment, the process could take several months because of a wait for Prudential Regulation Authority approval.
Separately, the Financial Times is reporting that Tandem is in the process of putting together a round that would top the £80 million it raised last year.
At the heart of both raises could be a desire to expand geographically. Monzo is preparing to launch in the US, while Tandem has set its sights on China.