Digital challenger bank Monzo has completed its £2.5 million crowdfund raise, attracting a record-breaking 6500 investors to the funding round on Crowdcube.
In total, 41,267 people pledged £12,066,480 to complete the startup's £22 million series C investment round over a two week open ballot on Monzo earlier this month. With nearly five times the £2.5 million the app-only bank was aiming for, Monzo narrowed down the field by holding a random ballot to select the lucky investors.
Crowdcube says deals involving institutional investors, like VCs and banks, raising money alongside the crowd have increased four-fold on its platform in the last two years.
Tom Blomfield, CEO and founder of Monzo, says: “I'm delighted that over 6,500 people have invested in this round. 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”.
Monzo also broke crowdfunding records in March 2016 when it raised £1 million in just 96 seconds, the fastest funding round ever.
The new capital will be used to finance growth and specifically the introduction of current accounts from Monzo, which has now raised a total of £35 million.