Member Article

Revolutionary 'bank in an app' closes £1m crowdfunding campaign in 96 seconds

Mobile-first challenger bank Mondo, has successfully closed its £1m crowdfunding effort in just 96 seconds.

The UK fintech firm, which is described as a ‘bank in an app’, launched the initiative on equity crowdfunding platform Crowdcube, and attracted interest from over 8,500 backers but only 1,861 of those were lucky enough to invest.

With an average investment of £542, each investor will share 3.33% equity in the rising tech star, which is now valued at around £30m.

Once it has attained its banking license, Mondo aims to do away with branches and cheque books, so that customers can run their current accounts entirely through their app. The service is currently in Alpha state and will be tested by its crowdfunding backers, ahead of a full launch in the near future.

Commenting on the successful crowdfunding round, Tom Blomfield, Chief Executive Officer of Mondo, said: “We’re the first bank to enable customers to become shareholders through a crowdfunding platform. Our customers are already helping us to build the bank from the ground up by alpha testing the mobile app.

“They deserve to be a real part of our journey to be a bank that people can trust and puts them back in control of their finances. We want to continue to involve them in future funding rounds.”

Luke Lang, co-founder and Chief Marketing Officer of Crowdcube, believes the interest in Mondo attests to the desire for alternatives to traditional banking.

He added: “The eagerness of the crowd to get behind Mondo highlights the real need for change in banking and the increased interest in Britain’s thriving fintech sector.”