Crowdcube success and challenger bank Monzo announced on Tuesday it secured 71 million through its latest investment round, which was led by Goodwater Capital, Stripe, and Michael Moritz with participation from existing investors, Passion Capital, Thrive Capital, and Orange Digital Ventures.
As previously reported, Monzo (originally Mondo) first caught the public eye when it raised funding on Crowdcube in March 2016. This earlier crowdfunding round secured £1 million in just 96 seconds as demand quickly outstripped the offer. The company has since raised £19.5 million investment from Thrive Capital, £5 million from Passion Capital and £1.5 million from Orange Digital Ventures, and nearly £2.4 million through its second Crowdcube campaign earlier this year. The challenger bank also obtained its full UK banking license.
While sharing details about the latest funding round, the Monzo team stated:
“This is an incredible endorsement of our strategy so far, and we’re so excited about the opportunities this investment unlocks. Ultimately, this means we can continue the growth we’ve seen so far into 2018 and build on our mission to bring Monzo to as many people as possible, in the UK and beyond!”
The crew also reported that they have set aside £1.5 million so that previous crowd investors were still able to be a part of this round. All investors that have backed the bank prior to this round are to look for an email later today from Monzo. The bank then added:
“For those of you who weren’t able to invest in previous crowdfunding rounds, we’ve already begun work on a new crowdfunding campaign for 2018! We’re aiming to ensure that everyone who wants to invest will be able to, and we have a few tricks up our sleeves to make that happen. This has been a giant year for Monzo and we can’t wait to get started on what’s next. Thank you to everyone who has supported us and helped us get this far — we couldn’t have done it without you.”
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