UK challenger bank Monzo is set to carry out another round of crowdfunding to raise up to £20m.
The bank will go crowdfunding next week when eligible customers will be able to invest up to £2,000 in the company through the Monzo app.
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The decision of crowdfunding follows a £85m funding round last month, which was led by General Catalyst, alongside Accels.
With this fundraising, the challenger bank joined the unicorn ranks valuing £1bn ($1.2bn) in just three years after its launch. Any tech startup with a market valuation of more than $1bn is referred as unicorn.
Besides Monzo, another challenger bank Revolut achieved unicorn status in April this year.
Monzo crowdfunding: History
To date, Monzo has carried out two crowdfunding rounds and have secured more than £4m. It includes raising £1m in just 96 seconds in 2016.
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By GlobalDataIn a blog post, Monzo said: “Through our last two rounds of crowdfunding, 7,395 people invested their money in Monzo. It’s incredible that so many people have been able to invest, but we also know lots of you missed out.
“So, we’re excited to say that we’re doing a much bigger round of crowdfunding, to give as many people as possible the chance to invest.”
Launched in 2015, Monzo has more than one million customers. It is said to sign up around 20,000 new customers every week.
