Challenger bank Monzo hit its crowdfunding target after raising about £18 million in less than three hours. Challenger bank Monzo hit its crowdfunding target after raising about £18 million in less than three hours. The mobile-only lender reached its £20 million goal after its million plus current account customers were able to buy shares in Monzo, in the largest ever crowdfunding round for a British fintech company. Monzo raised £18 million in two hours and 45 minutes, of which around £7 million was raised in just the first five minutes. Chief executive Tom Blomfield hit back saying the company does not “encourage our customers to borrow money, from Monzo or anyone else, to buy shares”.

Source: Irish Independent December 05, 2018 15:56 UTC