By Lisa Walls-Hester on Thursday 23 February 2017
UK challenger bank Monzo has agreed on a new £19.5M investment round with US-based Thrive Capital, London’s Passion Capital, and Orange Digital Ventures and says it is also planning another crowd round of £2.5M.
This latest round gives the bank, which gained a banking license last summer but is yet to fully launch, a valuation of £65M.
Monzo’s last round funded in a record-breaking 96 seconds so it has taken extra measures this time to “ensure as many people as possible have a fair chance to invest.”
“Last year our community invested £1M in Monzo, in what is still the fastest crowdfunding round in history, the response was just incredible," said the bank in a statement. "We’ve been determined to do another crowdfunding round and so, as part of this raise, we’ve reserved a further £2.5M for our community, who can invest at the same valuation as Thrive, Passion, and Orange.”
The crowdfunding round will run on Crowdcube and start on February 28th, with a pre-registration period lasting two weeks. Investors can pledge as little as £10 to a maximum of £1,000 per person. If the offer is oversubscribed a ballot will be run.
Monzo says the new capital will be used to launch current accounts later this year, expand its team, and continue to develop the bank.