Vanderbilt University was among the participants in a $75.9m round for Monzo that cut the mobile bank's valuation from more than $2.5bn to under $1.6bn.

UK-based digital bank Monzo has completed a £60m ($75.9m) funding round backed by Vanderbilt University, TechCrunch reported on Tuesday. The round included telecommunications firm Orange, digital payment processor Stripe, Y Combinator, General Catalyst, Accel, Goodwater Capital, Thrive Capital, Passion Capital and Reference Capital. It valued the company at approximately $1.57bn, down roughly 40% from its…

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