Monzo Bank, one of the best-known disruptors in the digital banking space, has been overwhelmed by investor demand for its latest fundraising campaign. The firm is planning a £2.5m equity crowdfunding round on Crowdcube, as a follow on to its recent £19.5m raise with Thrive Capital, Passion Capital and Orange Digital Ventures.
Monzo has already received over £7.7m in pledged investment, and the number continues to climb. Investors can commit between £100 and £1,000 each, and a ballot will be run to determine which of the commitments are ultimately invested.
It is not unusual for equity crowdfunding campaigns to drum up support from investors prior to the public unveiling of a fundraise, but the sheer volume of support garnered by Monzo is surely a record for the sector.
The firm operates within an increasingly competitive digital/app banking niche, which also features the likes of Atom Bank,Starling Bank and Tandem Bank. A Sky News report from Tuesday suggested that Atom had clinched another £113m in equity funding, taking its total funds raised to nearly £250m.