Monzo valued at £65m after breaking another crowdfunding record
Buzzy digital challenger bank Monzo has closed another huge funding round on crowdfunding platform Crowdcube and broke another crowdfunding record in the process.
Following on from its £1m funding round last year which reached its target in just 96 seconds, the digital-only bank has now raised another £2.5m from more than 6,000 crowd investors - the highest-ever number of individuals for any raise on the platform.
The investment tops up Monzo’s £19.5m Series C round that closed back in February to bring total funding for the round up to £22m, meaning the FinTech challenger is now valued at £65m.
Such was the demand for the bank’s latest crowdfund, Monzo was forced to operate a ballot system for those interested which saw 41,000 people pledging up to £22m of their cash. A number which had to be whittled down due to the €5m limit placed on crowdfunding raises.
In quotes reported by City AM, Monzo Founder and Chief Executive, Tom Blomfield said: “Our aim was to engage our community with this crowdfunding fund, so to have attracted the most investors ever on Crowdcube is amazing and demonstrates the power and support of the crowd.”
Crowdcube’s Co-Founder Luke Lang added: “The enormous demand from investors to back Monzo is another example of the huge appetite to invest in pioneering fintech businesses that are transforming a market and meeting the needs of the millennial generation.”
The digital bank is currently operating a pre-paid card service but is putting plans in place to launch its full current account service, with this latest funding round set to help Monzo meet the necessary capital requirements.