Mondo raised £1m on Crowdcube to fund its mobile banking platform.
The mobile challenger bank secured the capital from thousands of crowd investors after reaching its target in less than two minutes.
Mondo is a mobile first challenger bank that provides smartphone based financial services designed for digital consumers.
Mondo raised £1m in a crowdfunding campaign on Crowdcube, reaching its target in under two minutes with backing from thousands of individual investors. The mobile challenger bank secured the funds from more than 8,500 people, giving crowd participants a 3.33% equity stake with the same voting rights as institutional backer Passion Capital.
The company declined additional offers from international investors to ensure its customers could participate directly in the round. Participants also received an exclusive prepaid Mastercard and early access to the mobile application.
The raise is the second fundraise for Mondo as it prepares for a public launch and wider service rollout later in the year.
From the founder
"We’re the first bank to enable customers to become shareholders through a crowdfunding platform. Our customers are already helping us to build the bank from the ground up by alpha testing the mobile app. They deserve to be a real part of our journey to be a bank that people can trust and puts them back in control of their finances. We want to continue to involve them in future funding rounds."
Tom Blomfield
CEO at Mondo
Investor perspective
"The eagerness of the crowd to get behind Mondo highlights the real need for change in banking and the increased interest in Britain’s thriving fintech sector."
Luke Lang
co-founder and CMO, Crowdcube