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Online & Mobile Banking

Digital bank Monzo raises GBP 2.5 mln backed by 6,800 investors

Friday 31 March 2017 | 08:38 AM CET

Digital bank Monzo has raised GBP 2.46 million supported by 6,800 plus investors.

The crowdfunding offer, which is still live on Crowdcube, is seeking the funding as part of a wider GBP 22 million funding round with the support of Passion Capital, Thrive Capital and Orange Digital Ventures.
The offer on Crowdcube is for 2.83% equity at a valuation of GBP 84.75 million. The number of investors that have participated in the Monzo offer is the most ever on Crowdcube.

Monzo previously raised funding on Crowdcube in March 2016. This earlier crowdfunding round raised GBP 1 million in just 96 seconds as demand quickly outstripped the offer. Monzo (at one point in time operating under the name Mondo) has now raised GBP 35 million in growth capital. Monzo ran a pre-registration campaign where more than 41,000 individuals indicated an interest in investing representing over GBP 12 million in potential funding.

The challenger bank is raising a total of GBP 22 million in the Series C investment round, including a GBP 19.5 million investment from Thrive Capital, GBP 5 million from Passion Capital and GBP 1.5 million from Orange Digital Ventures, alongside the GBP 2.5 million of equity crowdfunding on Crowdcube.

Like many other maturing crowdfunding platforms, Crowdcube is pairing institutional money alongside smaller investors. It was not immediately clear of deal terms were the same for both larger and smaller investors. Crowdcube has also pushed into larger funding rounds with much larger valuations than a company seeking seed stage funding.

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