The latest Monzo fundraising round has been a success. The UK-based neobank has raised the sum of £20m ($25.5m) and reached its goal.
In a blog, the bank stated that the £20m was raised in two days, two hours and 45 minutes. In addition, the money came from 36,000 investors.
Furthermore, Monzo states:
- £2,038,459 from our existing investors;
- £17,961,551 in just 2 hours and 45 minutes today;
- £6,881,389 in the first 5 minutes today, and
- £2,940,760 in 60 seconds during the fastest minute.
2,457 investors came back from previous rounds, but somehow, Monzo also gained over 33,000 new investors.
The blog stated: “We’re happy that so many of you have been able to get involved and take a stake in the bank that you’re helping us build. Our community has played an essential part in making Monzo what it is today, and your support and feedback are becoming even more crucial as we grow.”
To date, Monzo has carried out two crowdfunding rounds and have secured more than £4m. It includes raising £1m in just 96 seconds in 2016.
In a blog post, Monzo said: “Through our last two rounds of crowdfunding, 7,395 people invested their money in Monzo. It’s incredible that so many people have been able to invest, but we also know lots of you missed out.
“So, we’re excited to say that we’re doing a much bigger round of crowdfunding, to give as many people as possible the chance to invest.”
Launched in 2015, Monzo has more than one million customers. It is said to sign up around 20,000 new customers every week.
In addition, this year saw the bank reach unicorn status after raising £85m in a fundraising round.
One of the fastest growing UK startups Monzo is now worth £1bn, just three years after launching.
The funding round was led by General Catalyst, alongside Accels. Passion Capital, Goodwater, Thrive Capital, Orange Digital Ventures, and Stripe also participated.
There are over 250 unicorn firms around the world including Uber, Klarna and Stripe.
A unicorn is a term used in the venture capital industry to refer to any tech startup that reaches a $1bn market value. This value is determined by private or public investment.