Monzo raises £2.5m with a record-breaking 6,500 investors

Digital bank Monzo has raised £2.5 million in its latest crowdfunding raise, attracting a record-breaking 6,500 investors.

The crowdfunding offer is part of a wider £22 million funding round. In total, more than 41,000 people pledged over £12m to support the challenger bank, with the investment pledged totalling nearly 5x the £2.5 million Monzo were aiming for.

The number of investors that have participated in the Monzo offer is the most ever on Crowdcube.

As well as opening up the funding round to potential new investors, Thrive Capital, a New York VC house, is the principle investor in the funding round, as well Orange Digital Ventures, Twitch and Spotify.

The successful funding round intends to bring the challenger-bank closer to rolling out “Monzo 2.0″, that will offer customers a full current account.

Tom Blomfield, CEO and founder of Monzo said: “I am delighted that over 6,500 people have invested in this round. Our aim was to engage our community with this crowdfunding fund, so to have attracted the most investors ever on Crowdcube is amazing and demonstrates the power and support of the crowd.”

This is not the first time that Monzo has broken crowdfunding records. In February 2016, Monzo set the record for the quickest crowd-funding campaign in history, raising £1m in 96 seconds via Crowdcube.

To find out more about Monzo, read our exclusive interview with Tom Blomfield here.

Related reading

Close-up image of woman texting and drinking coffee outdoors