App-only bank Monzo (formally know as Mondo) announced on Tuesday it opened pre-registration for its new equity crowdfunding campaign. Originally seeking £2.5 million, the company has attracted more than £5.8 million in interest so far.
As previously reported, Monzo launched its first crowdfunding campaign on Crowdcube and raised £1 million from investors in 96 seconds. The company saw 1,861 individuals invest on average £542. The bank revealed that the new funding round, which will also be on Crowdcube, is the final part of its most recent investment raise of £22 million. Speaking about last year’s crowdfunding success, the Monzo crew stated:
“Thank you so much to everyone who invested then — we’re so lucky and grateful to have you onboard. However, the overwhelming demand last year meant that many people missed out, even when they were just a couple of minutes late. So, this year, we wanted to take steps to make the process better and give as many people as possible a fair chance to invest.”
Monzo noted that starting today until mid-day March 14th, those interested in the funding round may pre-register and pledge the amount they would like to invest through the Monzo apps on iOS and Android. Due to the fact that the campaign has already secured its initial funding target, the company will run a random ballot to select investors:
“If you’re successful in the ballot, you’ll receive an email with a link to our Crowdcube pitch page and you’ll have 48 hours to complete your investment through Crowdcube. If you don’t complete within 48 hours, we’ll open your space up to another person from the random ballot.”
Monzo also discussed how the process will go for already existing investors who are interested in investing more funds:
“If you invested in our crowdfunding round last year (in March 2016) you’ll automatically be eligible to invest again this time if you’d like. You’ll still need to pre-register and pledge the amount you’d like to invest, but you won’t enter the random ballot. On March 14th, we’ll email you with full details on how to complete your investment through Crowdcube.”
Monzo plans to use the latest campaign’s funds for expansion and it plans to double its current staff of 85 over the next year.
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