How does Monzo's latest funding stack up with other challenger banks?
Monzo breaks records to attract 6,500 investors on Crowdcube as part of its latest £22m funding round with Thrive Capital, Passion Capital and Orange Digital Ventures.
The UK digital challenger bank has closed its latest funding round raising £2.5m from more than 6,500 investors.
This raise almost doubles Crowdcube’s previous record, which was set by Crowdcube’s own raise in 2016. It follows on from Monzo’s fastest funding round ever for a campaign in March 2016, when it hit its target of £1m in 96 seconds.
In this Series C investment round the startup bank closed a grand total of £22m, which includes £19.5m from Thrive Capital, Passion Capital and Orange Digital Ventures, alongside the £2.5m of equity crowdfunding through Crowdcube.
Deals involving institutional investors, like VCs and banks, raising money alongside the crowd have increased four-fold on the Crowdcube platform in the last two years. The Monzo raise follows in the footsteps of companies like POD Point, which recently raised almost £1.6m in a round that also attracted investment from VC firm Draper Esprit, and stock market investment platform Freetrade. Draper Esprit was itself an investor in Crowdcube's Series C fundraise.
Tom Blomfield, CEO and founder of Monzo, says: “Working again with a company like Crowdcube is a great collaboration with a real fintech pioneer. 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 has now raised a total of £35m. Atom, Tandem and Starling Bank (rivals in the digital only banking space) have raised £219m, £30m and £48m respectively.
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