Crowdfunding goal hit at Monzo

Challenger bank Monzo hit its crowdfunding target after raising about £18 million in less than three hours.

The mobile-only lender reached its £20m goal after its millionplus current account customers were able to buy shares in Monzo, in the largest ever crowdfunding round for a British fintech company. Around 36,000 of Monzo’s customers invested in the bank, with 2,457 returning investors.