Mondo takes just a minute to raise £1 million

Mondo takes just a minute to raise £1 million

Digital challenger bank Mondo has raised £1 million in a record-breaking one minute and 36 seconds on crowdfunding platform Crowdcube.

Mondo was forced to suspend its initial launch date for the crowdfunding rise earlier this week after a rush of applicants from eager investors overwhelmed Crowdcube servers.

Up to 6000 people had registered to take part in the raise, announced last month as part of a £6 million funding round. On day, 1861 people invested an average of £542 and will share 3.33% equity in the soon-to-be bank.

The speed of the sell off reflects the enthusiasm surrounding the potential of a new breed of challenger banks who are lining up to take on the nation's established banks.

Finextra's own NextGen event taking place at Canary Wharf today - which pits challenger banks against the established dynasty - had to shut down registration early in the face of huge demand for tickets.

Mondo's crowdfunding success has been hailed by Eileen Burbidge, UK fintech ambassador and partner at primary investor Passion Capital.

Tom Blomfield, CEO of Mondo, says: “We’re the first bank to enable customers to become shareholders through a crowdfunding platform. Our customers are already helping us to build the bank from the ground up by alpha testing the mobile app. They deserve to be a real part of our journey to be a bank that people can trust and puts them back in control of their finances. We want to continue to involve them in future funding rounds.”

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