Challenger bank, Monzo has successfully hit is crowdfunding target of £20 million in just over two days. The funds will be used to fund research, development and marketing.
Just over 36,000 people invested including its own customers.
Monzo statement: “We’re excited to say that 36,006 of you have invested £20,000,000 in Monzo, in just 2 days, 2 hours and 45 minutes!
With your help, we raised:
- £2,038,459 from our existing investors
- £17,961,551 in just 2 hours and 45 minutes today
- £6,881,389 in the first 5 minutes today
- £2,940,760 in 60 seconds during the fastest minute
2,457 investors from previous rounds invested again, and we welcomed more than 33,549 brand new investors today!
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.
Commenting on Monzo’s £20 million crowdfund, Luke Lang, co-founder of Crowdcube comments: “It’s truly awesome to see Monzo raise £20 million so quickly from its community and a significant milestone for equity finance globally. They understand how crowdfunding can help to put customers at the heart of a business by enabling them to become shareholders. Monzo’s raise, which has been powered by Crowdcube, will undoubtedly spark a new era for crowdfunding as bigger brands with large communities want to emulate Monzo and benefit from the backing of their customers.”