Monzo closes £22m round with £2.5m in crowdfunding

Challenger bank Monzo has wrapped up its latest funding haul with £22m after raising £2.5m in crowdfunding.

The London-based company once again took to Crowdcube to raise £2.5m in equity crowdfunding where it attracted a record-breaking 6,5000 investors.

The startup previously broke Crowdcube’s record for fastest funding round when it picked up £1m in just 96 sceconds.

The crowdfunding round follows on from the £ 19.5m the company recently took on from VCs.

Thrive Capital led the round with existing backer Passion Capital and Orange Digital Ventures also participating.

In total the crowdfunding round attracted more than 41,000 individuals who pledged more than £12m to the challenger bank.

Monzo then held a random ballot to select investors to participate in the funding round.

Monzo CEO and founder Tom Blomfield commented: “Working again with a company like Crowdcube is a great collaboration with a real fintech pioneer.

“I’m 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”.

Crowdcube’s co-founder Luke Lang added: “The enormous demand from investors to back Monzo is another example of the huge appetite to invest in pioneering fintech businesses that are transforming a market and meeting the needs of the millennial generation.

“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.”

The new capital brings Monzo’s total funding to £35m and will be used to continues the company’s growth, including the addition of current accounts.

Copyright © 2017 FINTECH GLOBAL

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