UK challenger bank Monzo seeks GBP 20 mln funding

Tuesday 27 November 2018 10:40 CET | News

The UK-based challenger bank Monzo has announced it is crowdfunding in order to raise GBP 20 million in investments.

In a statement, Monzo praises its community and deemed it has played a crucial part in making Monzo what it is today. Bank officials said in its last two rounds of crowdfunding, 7,395 people invested their money in Monzo.

This time, the bank is calling for a much bigger round and, according to Monzo, eligible customers will be able to invest up to GBP 2,000 through the app. In October 2018, the bank closed another funding round raising GBP 85 million. This is part of its quest to reach a USD 1.5 billion valuation. Law firm Hogan Lovells has advised the challenger bank on this crowdfunding round.

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Keywords: Monzo, funding, investment, crowdfunding, UK, challenger bank, lending, digital banking, UK
Countries: World