The cash raised in the crowdfunding campaign will form part of a larger raise set to be closed early next year.
Peer-to-peer lender Mintos has closed the largest ever crowdfunding effort in continental Europe, raising over €7.2m in just 10 days.
The alternative lender’s campaign attracted over 7,000 investors, also breaking the record for the largest number of investors in a European campaign, excluding the UK.
Mintos smashed through its initial €1m target in just 15 minutes, breaking the €3m mark just over two and a half hours later.
“While we did anticipate our community to engage actively in the campaign, little did we know that we would start breaking records right out of the gate. We are eager to continue working on our roadmap and start a new chapter with our new shareholders.”
Investors from 90 countries across the globe participated in the campaign, with the majority hailing from Germany, Spain and the Czech Republic.
“This record-breaking raise shows how harnessing the power of community can be turned into a strategic business milestone and making consumers owners can be integral to how these companies are run.”
Mintos’ crowdfunding round was part of a larger raise, for which the fintech will continue to raise funds with VC firms until early next year.
To date, Mintos has raised over €14m, which includes the €7m from the latest crowdfunding effort, with most of its capital coming from angel investors.
The alternative lender has a 45 per cent share of the market across Europe, with its investors having pumped over €6.6bn into the peer-to-peer lending market since 2015.