Start-up Mondo raises £1m from the crowd in just 96 seconds
London-based mobile banking business will use "record breaking" Crowdcube round to facilitate launch and roll-out services
London-based Mondo, a mobile-first banking start-up, has secured £1m investment in a “record breaking” 96 seconds via equity crowdfunding platfrm Crowdcube.
The capped fundraise saw 1,861 investors back the campaign for a share 3.33% of the equity, with an average amount invested of £542.
Action point: Need a loan to start a business? See how we can help here and here
Founded in 2015 by Tom Blomfield and yet to launch officially, Mondo will allow smartphone users to access traditional bank products and services from their smartphones. The start-up is currently applying for a full UK banking licence.
Having already received £7m from Passion Capital in two separate funding rounds, Mondo will use this latest finance to kick-start its public launch and accelerate the roll-out of its services.
Blomfield 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. We want to continue to involve them in future funding rounds.”
Luke Lang, co-founder of Crowdcube, added: “The eagerness of the crowd to get behind Mondo highlights the real need for change in banking and the increased interest in Britain’s thriving financial technology sector.”