Monzo have announced that they’ve agreed a new £19.5 million investment round with Thrive Capital, Passion Capital and Orange Digital Ventures.
Tom Blomfield, CEO of Monzo;
We’ll use this money to launch current accounts this summer, expand our team further, and continue to build Monzo into the world’s best bank
Last year our community invested £1 million in Monzo in what is still the fastest crowdfunding round in history — the response was just incredible. We’ve been determined to do another crowdfunding round and so, as part of this raise, we’ve reserved a further £2.5 million for our community, who can invest at the same valuation as Thrive, Passion, and Orange and take the total raise to £22 million.
There was so much demand last year that many people missed out, so we’ve taken extra steps this time to ensure as many people as possible have a fair chance to invest.
Next Tuesday (February 28th), we’ll begin a pre-registration period lasting two weeks when you can pledge the amount you’d like to invest through the Monzo app and Crowdcube website. You can pledge as little as £10 but, like last time, we’ll cap investment at £1,000 per person to give everyone a fair shot. In the event that more than £2.5 million is pledged, we’ll run a ballot from midday on Tuesday March 14th to randomly select the lucky winners and invite them to complete their investment through the Crowdcube website over the following few days.
Existing investors from last year’s crowdfunding round will automatically be eligible to invest again this time, if they wish. We’ll post full details of exactly how the crowdfunding investment will work on the 28th, as well as details of the perks we’re going to offer 😉
We can’t wait to get started on the next stage of Monzo’s growth and we’d love for you to be involved! Keep an eye here on the blog, as well as our Twitter and Facebook accounts for all the details next Tuesday.