Challenger bank Monzo has beaten its crowdfunding target in just four hours, after launching pre-registration for a campaign on Crowdcube.
Its £2.5 million crowdfunding campaign is the second to be run on Crowdcube, after its first one crashed the crowdfunding site and raised £1 million in just one minute and 36 seconds.
Monzo, a mobile-only bank previously operating under the name Mondo, will now randomly select pre-registered people in a ballot to complete the investment. Monzo was granted a restricted banking license by the FCA in August of last year, after 18 months of operation.
Last week, the bank agreed a £19.5 million investment round with Thrive Capital, Passion Capital and Orange Digital Ventures ahead of its £2.5 million crowdfunding campaign.