Challenger bank Monzo raises £1m in the fastest crowdfunding ever

By Oliver Smith 3 March 2016

The app-based bank is now considering further crowdfunding after raising £1m in just 96 seconds.

Mondo on Thursday afternoon closed one of the world’s fastest crowdfunding campaigns ever.

The app-based challenger bank raised a whopping £1m from 1,861 investors in a record-breaking 96 seconds.

Read more: Meet Mondo, the app that’s got the banks worried

Mondo’s CEO Tom Blomfield told The Memo that the speed and interest in the crowdfunding round as “absolutely incredible, it seems like we could have raised a lot more.”

“We now hope to include crowdfunding in our next round of funding we do before launching the full bank later this year, no firm commitments yet, but it really ties into our open, transparent ethos.”

The 1,861 lucky investors, who invested an average of £542 each, will receive shares in Mondo and have the opportunity to own part of one of the most exciting digital challenger banks soon to launch.

Read more: 4 challenger banks worth watching

Luke Lang, the co-founder of Crowdcube where Mondo’s campaign was being run, tweeted that the raise was the fastest equity crowd fund ever.

A missed opportunity?

With such high demand both Mondo and Crowdcube have had a difficult few days, on Monday the campaign was due to go live but demand managed to overwhelm Crowdcube’s website.

Read more: The good, the bad, and the ugly side of crowdfunding

Thursday’s wildly successful crowdfund sold out at such speed that many would-be investors missed out on the opportunity to invest.

Still at least those unsuccessful investors might still have a chance to put their money where their mouth is during Mondo’s next funding round.