Monzo, a prominent U.K. challenger bank currently serving over 4.8 million customers, has secured an additional £60 million in funding. This investment maintains the same valuation as, and functions as an extension of, its previous funding round completed in June.

The previous funding round resulted in a private investor valuation of approximately £1.2 billion, which some industry analysts characterized as a decrease in valuation. This figure represented a shift from the bank’s earlier valuation, which may have been inflated, prior to the impact of the coronavirus pandemic altering the balance of power towards investors or indicating a genuine correction within the fintech market, depending on one’s viewpoint.

This latest funding round includes contributions from a variety of new investors, such as Novator, an investor in Deliveroo and Stripe, Kaiser, and TED Global. Existing investor Goodwater also participated. These investors join previous backers including Y Combinator, General Catalyst, Accel, Passion, Thrive, and Stripe, who reinvested earlier in the year.

This brings Monzo’s total funding raised since the onset of COVID-19 to £125 million (with an additional £5 million secured during the prior top-up round). This current extension is viewed positively for the bank as it aims to continue its expansion and diversify its revenue streams beyond interchange fees.

Monzo has also released recent performance data to TechCrunch. In addition to nearing 5 million total customers, the bank now has over 60,000 business users – an increase from 25,000 signups in June – and has surpassed 100,000 customers utilizing its paid current account options, Monzo Plus and Monzo Premium.

According to a statement provided to TechCrunch by Monzo CEO, TS Anil, “We have raised £125 million this year, experienced robust organic growth, and are approaching five million customers, all while becoming the most frequently chosen bank in the U.K. and receiving top ratings for overall service. This news reflects the confidence our customers and investors have in Monzo.”

However, Monzo has faced challenges, like many fintech companies, navigating the coronavirus crisis and the subsequent economic downturn. This included utilizing the U.K. government’s furlough scheme and, later, reducing its workforce by approximately 80 employees during the summer. Furthermore, the company implemented layoffs in the U.S. and closed its customer support office in Las Vegas.

Similar to other banks and fintech companies, Monzo has observed a reduction in customer card spending, both domestically and internationally, due to the coronavirus crisis, resulting in decreased revenue from interchange fees.

In a separate development, Monzo co-founder Tom Blomfield announced in May that he would be stepping down from his role as CEO of the U.K. challenger bank to assume the newly created position of president. He was succeeded as U.K. CEO by Anil, who also joined Monzo’s board, replacing Blomfield.