Digital bank Monzo is planning an equity crowdfunding round to raise £20m from its customers as it gears up to receive a $1bn valuation from new investors later this year.
The round will be one of the UK’s largest crowdfunding round to date, rivalled only by Scottish craft beer maker BrewDog, which has raised more than £20m in its ongoing crowdfunding campaign.
Similar to its previous rounds, it is expected the bank will turn to Exeter-based platform Crowdcube to facilitate the raise. As it is above the European Union’s €8m crowdfunding cap, Monzo will be required to build a formal prospectus for the round.
Monzo has raised about £4m from crowdfunding investors to date, in comparison to its total funding of just over £111m.