Challenger bank crowdfunds £1m in 96 seconds
By Tom BelgerMondo has reached its £1m fundraising target in just one minute and 36 seconds
Section: mobile apps categories
The mobile-first challenger bank used the crowdfunding platform Crowdcube to attract 1,898 people to invest an average of £527 each.
The investors will share a 3.33% stake in Mondo and have the same voting rights as Passion Capital which has already invested £7m in Mondo, the largest amount of money invested by the venture capital firm.
Tom Bloomfield, CEO of Mondo, said: “We’re the first bank to enable customers to become shareholders through a crowdfunding platform.
“Our customers are already helping us to build the bank from the ground up by alpha testing the mobile app.
“They deserve to be a real part of our journey to be a bank that people can trust and puts them back in control of their finances.”
It was Mondo’s second fundraising campaign and comes as the firm gets ready for a public launch and an accelerated roll-out of its services later this year.
Eileen Burbidge, Partner at Passion Capital, said: “This is a great start for Mondo as it embarks on a trajectory that could see it becoming a company the size of Facebook or Google for banking.”
Keywords: Bridging Finance, Commercial Finance, Bridging Lender, Commercial Lender, Alternative Finance, Broker news, Bridging loans, Mondo, Crowdcube, Passion Capital, crowdfunding, challenger bank