London, GB 5 °C

Thursday, April 22, 2021

News > Products

Monzo raises £20m in latest crowdfunding round

Theo Osborn | 12:30 Thursday 6th December 2018

Monzo has raised £20m in just over two days via its third crowdfunding round.

Some 36,006 people invested in the digital bank, which included 33,549 new investors.

Just over £2m of the funding was sourced from the bank’s existing investors, while almost £18m was raised in just two hours and 45 minutes by new investors.

Nearly £3m was invested in one minute during the round’s peak period, with people able to invest up to £2,000 through the Monzo app.

The round was powered by Crowdcube and marked the largest crowdfunding round for a fintech company through its platform.

Monzo gave up 2.04% equity in exchange for the capital and had a pre-money valuation of £1bn.

The funding will be used to expand Monzo’s product range and further grow its customer base.

Monzo said: "We’re happy that so many of you have been able to get involved and take a stake in the bank that you’re helping us build.

“Our community has played an essential part in making Monzo what it is today, and your support and feedback are becoming even more crucial as we grow.

“So, thank you to our customers, our loyal investors and our new ones – we’re blown away by your support and so excited about what we’ll do together.”

leave a comment

Your email address will not be published.