Tandem Bank has hit its £1 million crowdfunding target within 18 minutes of going online after strong demand from investors looked set to repeat the problems experienced by rival challenger bank Mondo.
Within minutes of the launch of the campaign in partnership with Seedrs, the first tweets complaining about access started filtering through.
Another disappointed investor expressed similar sentiments:
As with the earlier Mondo campaign, the Seedr crowdfunding servers seemed to be unable to cope with the demand:
Mondo was forced to suspend its initial launch date for the crowdfunding rise, after a rush of applicants from eager investors overwhelmed Crowdcube servers, before rebooting at a later date, when it triumphantly generated £1 million in pledges in a record-breaking one minute and 36 seconds.
Tandem, likewise, is blaming 'high demand' for the breakdown:
Ultimately Tandem may have benefited from Mondo's earlier troubles by getting the service back online in double quick time: With the teething issues behind it, Tandem is looking to extend the round beyond the initial £1 million.
How the day played out:
Within 10 seconds £850,337 of investment had been placed, before the site crashed, despite this, the £1m target was beaten after 15 minutes:
- Within eight hours, the crowdfund total stood at £1.8million
- round 1,000 individual investors have taken part - with the average investor depositing £1,000.