Monzo is launching a new crowdfunding effort which will aim to raise £20 million ($25.6 million), the digital bank has said, as it seeks to boost its image as a transparent bank and get its customers more involved with the company.
The startup is no stranger to crowdfunding. In 2016 it raised £1 million in 96 seconds, in what still stands as a crowdfunding record today, with over 1,800 individuals investing their own money into Monzo.
In 2016 the company priced its crowdfunding shares at £2.3566, but since the company has grown substantially in the last two years, the share price has tripled to £7.7145. As well as shares in the company, investors will receive a special investor card and a badge on Monzo's community forum, and the opportunity to attend the company's AGM and exclusive events, such as Q&As with CEO Tom Blomfield. (See Monzo Signs Up 1M Customers for Its Next-Gen Current Account.)
Over 1 million people in the UK have Monzo's hot coral cards. (Image: Monzo)
There are two requirements before investing: the investor is over 18 and is an existing Monzo customer. Those that meet the requirements can head to Monzo's Invest page on its website to learn more. The crowdfunding will start on December 5 at 10 a.m. GMT -- if it's anything like last time, expect it to be busy.