Mondo raises £1m in a record-breaking 96 seconds

Mondo, the mobile-first challenger bank, has reached its £1m fundraising target in one minute and 36 seconds.

The Passion Capital-backed mobile bank received unprecedented interest in its crowdfunding campaign from 8,500 pre-registered investors.

In total, 1,861 people invested an average of £542 and will share 3.33% equity in the soon-to-be bank via crowdfunding platform Crowdcube.

Crowd investors share the same voting rights as Passion Capital, which has already invested £7m in Mondo.

Mondo turned down additional investment offers from notable international investors in order to include its customers in this investment round.

CEO Tom Blomfield said: “We’re the first bank to enable customers to become shareholders through a crowdfunding platform. Our customers are already helping us to build the bank from the ground up by alpha testing the mobile app. They deserve to be a real part of our journey to be a bank that people can trust and puts them back in control of their finances. We want to continue to involve them in future funding rounds.”

This is Mondo’s second fundraiser as it gets ready for a public launch and an accelerated roll-out of its services later this year.

Luke Lang, co-founder and CMO of Crowdcube, said: “The eagerness of the crowd to get behind Mondo highlights the real need for change in banking and the increased interest in Britain’s thriving fintech sector.”