Monzo hits £20m fund­ing tar­get

Yorkshire Post - Business - - BUSINESS / NEWS -

Fi­nance:

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.

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