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Abu Dhabi, UAESunday 16 December 2018

Monzo crowdfunds £18 million in less than three hours

Monzo has raised £20 million overall since Monday

Monzo CEO Tom Blomfield helped raise £85 million from private investors earlier this year (Getty)
Monzo CEO Tom Blomfield helped raise £85 million from private investors earlier this year (Getty)

Mobile bank Monzo hit its record crowdfunding target of £20 million, less than three hours after its one million account holders were able to buy shares in the company.

Initially the digital bank raised £2 million from current investors beginning on Monday. However, on Wednesday the fintech company opened up to current account customers, a move that led to the accrual of £18 million in only two hours and 45 minutes, including £7 million in the first five minutes.

Some 36,000 existing customers have so far invested in Monzo, which was launched in 2015. In October it announced it had raised £85 million from private investors.

It is known as a tech unicorn, a firm not listed on the markets but believed to be worth around $1 billion.

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"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," the company said in a statement.

"So thank you to our customers, our loyal investors and our new ones – we’re blown away by your support and so excited about what we’ll do together," it added.