Monzo
Image: TheNextWeb.com

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.

CEO and cofounder Tom Blomfield told Business Insider:

“The response to our crowdfunding campaign has been mind-blowing. Our aim at Monzo is to delight our customers so it’s amazing to see how much our community believes in what we’re building. It also shows the enormous appetite for change amongst consumers – the public want a new kind of bank.”

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