Just a little over 48 hours after opening pre-registration for its upcoming equity crowdfunding campaign on Crowdcube, app-only bank Monzo (formally know as Mondo) has attracted more than £8.8 million in interest. The company’s original target for the funding round was £2.5 million, and the funds from the upcoming initiative will go towards expansion, and it plans to double its current staff.
Last year, Monzo launched its first crowdfunding campaign on Crowdcube and secured £1 million from investors in just 96 seconds. The bank saw 1,861 individuals invest on average £542. Monzo reports that the new funding round is the final part of its most recent investment raise of £22 million. Until mid-day March 14th, those interested in the upcoming Monzo round can pre-register and pledge the amount they wish to invest through the bank’s iOS and Android apps. Since the funding target has already been achieved, Monzo will now run a random ballot to select investors
Sharing details about the random ballot, the Monzo crew stated:
“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.”
The bank added that those who invested in the 2016 campaign would automatically be eligible to invest again if they wish. They will still have to pre-register and pledge the amount they’d like to invest, but they won’t be selected for the random ballot. Monzo will email the interested investors full details on how they can complete their investment through Crowdcube.
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