Mondo, the digital only challenger bank, attempted to sell shares on Crowdcube yesterday but demand was so robust the site became overloaded causing a temporary halt to any sales. Crowdcube has posted a Status Page, saying they are sorry..
“The launch of the Mondo campaign didn’t go to plan and we’re sorry for any inconvenience this caused. We experienced technical issues that our engineering team is working flat out to resolve. We appreciate that many of you are still eagerly waiting to invest in Mondo. To avoid any further inconvenience, we have taken the Mondo pitch page down and will relaunch the campaign when all issues have been resolved. Mondo will contact everyone who registered for early access when the page is back up. “
Crowdcube is still sorting through the investment carnage and notifying individuals who were able to purchase shares. Crowdcube is sending out confirmation emails so if you do not receive one, you will have to try again.
Crowdcube states the world will be notified by Twitter when the pitch will go live once again. In the most recent update, Crowdcube states;
“We’re working hard on a solution for Mondo but unfortunately the pitch will not go live today. As soon as we have a solution that we’re confident in we’ll post another update. Thanks again for your patience.”
Mondo reportedly turned down big money to go after some smaller investors. Of course shareholders have a tendency to be the biggest brand ambassadors so this approach makes sense. In the UK the banking sector is dominated by a few very large financial institutions. The government is mandated to foster an environment of competition, thus driving benefits to consumers, and banking is rather high on the list.
Mondo is one of a handful of new online only banks that seek to provide a 21st century solution to managing your finances. No more trips to the local branch to queue up in front of a surly teller. Better service, lower fees. Just makes sense.
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