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.