Monzo launches £2.5m crowdfunding round

Monzo launches £2.5m crowdfunding round




Mobile bank Monzo has announced the launch of a £2.5m crowdfunding round as the final part of a recent, wider investment bid.

Last week, Monzo announced plans to raise £22m comprising a £19.5m investment round from Thrive Capital, Passion Capital and Orange Digital Ventures and an additional £2.5m from crowdfunding.

Investors have until 14th March to pre-register for the crowdfunding round and pledge an amount (from £10 up to a maximum of £1,000) through the Monzo app.

Monzo has announced that if more than £2.5m is pledged, they will run a ballot to select the winners who will be allowed to invest through Crowdcube.

Eligible investors will receive early access to the Monzo current account and an exclusive Monzo investor debit card.

Previous investors who were involved in Monzo’s crowdfunding round in March 2016 will automatically be eligible to invest again.

So far, Monzo has received £8,781,810 worth of pledges.

Last year, the challenger bank raised £1m in 96 seconds.

Monzo made a loss of £1.4m during its first year of trading.

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