Posted on March 30, 2017 by staff

Digital bank Monzo breaks funding record after £2.5m round


Digital-only bank Monzo has broken another crowdfunding record following its £1m round last year, which closed in just 96 seconds.

The firm has now raised another £2.5m from more than 6,000 investors – the highest-ever number of any campaign on Crowdcube.

Recent investment tops up a £19.5m series C that closed in February, and the total for the round now up to £22m.

The FinTech challenger is now valued at £65m, and is currently operating a pre-paid card service.

But following the latest crowdfunding stint, Monzo intends to launch a full current account service.

Founder and chief executive Tom Blomfield told City AM: “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 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.”

High demand for the latest fundraising round meant Monzo was forced to operate a ballot system.