Get the latest Startup news and information

Start-up Monzo 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 Monzo, a mobile-first banking start-up, has secured £1m investment in a “record-breaking” 96 seconds via equity crowdfunding platform 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.

Founded in 2015 by Tom Blomfield and yet to launch officially, Monzo 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, Monzo 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 Monzo highlights the real need for change in banking and the increased interest in Britain’s thriving financial technology sector.”

Henry Williams
Henry Williams

Henry has been writing for Startups.co.uk since 2015, covering everything from business finance and web builders to tax and red tape. He’s also contributed to many of our industry-renowned annual indexes, including Startups 100 and Young Guns, and created a number of the site’s popular how to guides. Before joining the team, he reviewed films for a culture website, and still harbours ambitions of being a screenwriter.

Comments

(will not be published)