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Monzo preps £20m crowdfunding campaign

Monzo preps £20m crowdfunding campaign

UK challenger bank Monzo is going back to the crowdfunding well, seeking up to £20 million from ordinary punters to top up a more traditional recent £85 million funding round.

In 2016, Monzo raised a record-beating £1 million in 96 seconds through crowdfunding, and more recently took in another £2.5 million.

The second round saw more than £12 million pledged, prompting the latest, far bigger effort to give another shot to the people who missed out the first time.

Existing investors will be able to jump in from 3 December, with the round opening up to everyone on 5 December. Eligible Monzo customers will be able to invest up to £2000 through the bank's app.

In October the challenger joined the unicorn club on the back of a £85 million funding and has shot past the one million customer mark, claiming to own 15% of all new current accounts opened each month in the UK.

Just last week it outlined plans to open a business bank account, adding to the growing list of contenders for dole outs from the Royal Bank of Scotland bail-out fund.

Comments: (1)

Melvin Haskins
Melvin Haskins - Haston International Limited - 27 November, 2018, 09:46Be the first to give this comment the thumbs up 0 likes

Nowhere do you or they mention why they need an additional £20 million, having already raised £85 million.