Monzo hits £20m funding target
Challenger bank Monzo hit its crowdfunding target after raising about £18m in less than three hours.
The mobile-only lender reached its £20m goal after its million plus current account customers were able to buy shares in Monzo, in the largest ever crowdfunding round for a British fintech company.
Monzo raised £18m in two hours and 45 minutes, of which around £7m was raised in just the first five minutes. The company raised £2m from existing investors. Around 36,000 of Monzo’s customers invested in the bank, with 2,457 returning investors. Monzo launched in 2015.