Monzo breaks Crowdcube record
The campaign has almost doubled the previous record, which was held by Crowdcube’s own raise in 2016. Monzo also broke crowdfunding records in March 2016 when it raised £1m in just 96 seconds, the fastest funding round ever.
The startup bank is raising a total of £22m in the Series C investment round, including a £19.5m investment from Thrive Capital, Passion Capital and Orange Digital Ventures, alongside the £2.5m of equity crowdfunding on 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.
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”.
Luke Lang, co-founder of Crowdcube, added: “The enormous demand from investors to back Monzo is another example of the huge appetite to invest in pioneering fintech businesses that are transforming a market and meeting the needs of the millennial generation.
"We’re delighted to give our investors access to such an exciting fintech investment opportunity once again following the success of Monzo's last raise on Crowdcube, which saw the business raise £1m in just 96 seconds.”
Crowdcube has seen its investor community grow to more than 370,000 registered investors, together with an increase in the size of funding rounds.
Last month, Cauli Rice, another returning business, became the 50th business to raise £1m or more on the platform. The 50 campaigns have raised a total of more than £100m on Crowdcube.
Published: 31 March 2017