Industry News

Monzo attracts over £8m pledged investment in 24 hours

In 2015 they set out on a mission to build the best current account in the world and 2016 brought them a record-breaking crowdfunding campaign, raising £1million in just 96 seconds. It seems 2017 has seen no slow-down for app-only bank Monzo who are back to stir up the crowd with their second crowdfunding campaign. This time round they’re looking to raise £2.5million with Crowdcube. However, before the campaign goes live, they have opened a pre-registration round, for those interested to pledge amounts from £10 to £1000 in the hope of being selected as an investor in the Monzo-named ‘lucky ballot’ set to take place on 14th March.

Monzo have stated that the pre-registration has been put in place to ‘make the process better and give as many people as possible a fair chance to invest’ following many missing out on investing in their 2016 campaign due to the unforeseen demand causing it to close in just a couple of minutes. Having recently received £19.5million from New York-based venture capitalists, Thrive Capital, it appears the app-only bank are well on their way to reaching their £22million Series B target.

As a two-year old business, with a valuation of £65million and the recent granted authorisation of a full banking licence it seems the ‘digital banking era’ is showing no loss of prosperity going into the what could be a potentially turbulent year for the markets amidst the triggering of Article 50 and the long-awaited Brexit imposition. In the mean time we await the impending March 14th campaign start date to see who makes it as one of the ‘lucky ballot’ investors.

 

About the author

Lily Bridgwood

Lily Bridgwood

Lily is the Partnerships Associate at OFF3R. She has previous work experience in both the corporate and start-up environments. She joined the OFF3R team in October having recently graduated with First-Class Honours in International Business from the University of Edinburgh.