Digital Bank Monzo Raises £2.5 Million backed by 6,800+ Investors via Crowdcube

Digital bank Monzo has broken a platform record on Crowdcube. The challenger bank has raised £2.46 million supported by 6,800 plus investors. The crowdfunding offer, which is still live on Crowdcube, is seeking the funding as part of a wider £22 million funding round with the support of Passion Capital, Thrive Capital and Orange Digital Ventures. The offer on Crowdcube is for 2.83% equity at a valuation of £84.75 million. The number of investors that have participated in the Monzo offer is the most ever on Crowdcube.

Monzo previously raised funding on Crowdcube in March 2016. This earlier crowdfunding round raised £1 million in just 96 seconds as demand quickly outstripped the offer. Monzo (at one point in time operating under the name Mondo) has now raised £35 million in growth capital. Monzo ran a pre-registration campaign where more than 41,000 individuals indicated an interest in investing representing over £12 million in potential funding.

The challenger bank is raising a total of £22 million in the Series C investment round, including a £19.5 million investment from Thrive Capital, £5 million from Passion Capital and £1.5 million from Orange Digital Ventures, alongside the £2.5 million of equity crowdfunding on Crowdcube.  Like many other maturing crowdfunding platforms, Crowdcube is pairing institutional money alongside smaller investors. It was not immediately clear of deal terms were the same for both larger and smaller investors.  Crowdcube has also pushed into larger funding rounds with much larger valuations than a company seeking seed stage funding.

Tom Blomfield, CEO and founder of Monzo, called Crowdcube a “real Fintech pioneer.”

“I am delighted that over 6,500 people have invested in this round. 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.”

Luke Lang, co-founder of Crowdcube, said the enormous demand from investors was indicative of the appetite to invest in a Fintech business that caters to millennials and is seeking to upend traditional banking;

“We’re delighted to give our investors access to such an exciting fintech investment opportunity once again following the success of Monzo’s last raise on Crowdcube, which saw the business raise £1m in just 96 seconds.”

Crowdcube’s investor community now stands at over 370,000 registered individuals. Earlier this month, repeat crowdfunder Cauli Rice became the 50th business to raise £1 million or more on the Crowdcube platform.

Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Sponsored Links by DQ Promote



Send this to a friend