UK challenger bank Monzo seeks £20m funding
The UK challenger space is keeping busy as Monzo is the latest bank to go hunting for funding.
More for Monzo!
Back on 12 November, Starling Bank secured £10 million of new capital from its existing investor, Bahamas-based hedge fund manager Harald McPike.
Then last week, Tandem got more cash – and a potential new territory – via a $15 million investment from Hong Kong-based Convoy Global.
Monzo doesn’t want to be left out and is now crowdfunding up to £20 million. This follows on from last week when it unveiled its plan for a business current account. Something Starling and RBS’s digital entity Mettle have already done.
In its latest ambition, Monzo praises its community to the skies and says it has “played a crucial part in making Monzo what it is today”.
It says in its last two rounds of crowdfunding, 7,395 people invested their money in Monzo.
This time it’s a “much bigger round” and eligible customers will be able to invest up to £2,000 through the app.
Just last month, the bank closed a new funding round raising £85 million. This is part of its quest to reach a $1.5 billion valuation.
Law firm Hogan Lovells has advised the challenger on this crowdfunding round.
