Challenger bank Mondo raised £1m in a record-breaking one minute and 36 seconds on crowdfunding platform Crowdcube.
Mondo was forced to suspend its initial launch date for the crowdfunding rise earlier this week after a
Mondo raises £1m in under a minute
rush of applicants from eager investors overwhelmed Crowdcube servers.
Up to 6000 people had registered to take part in the raise, announced last month as part of a £6 million funding round. On day, 1861 people invested an average of £542 and will share 3.33% equity in the soon-to-be bank.
The speed of the sell off reflects the enthusiasm surrounding the potential of a new breed of challenger banks who are lining up to take on the nation’s established banks.
Finextra’s own NextGen event taking place at Canary Wharf today – which pits challenger banks against the established dynasty – had to shut down registration early in the face of huge demand for tickets.
Mondo’s crowdfunding success has been hailed by Eileen Burbidge, UK fintech ambassador and partner at primary investor Passion Capital.