Mondo Raises £1m in 96 Seconds

MondoMobile banking platform Mondo has raised £1m on Crowdcube. Nothing particularly earth-shattering about that you might think, except that the money was raised in just 96 seconds, a crowd-funding record.

The story started on Monday when demand to invest in the app-only bank crashed Crowdcube’s servers. The campaign went live again at 1pm on Thursday, with the £1m target hit a minute and a half later. The crowdfunded element is part of a wider £6m funding round.

In a blog post, Mondo CEO Tom Blonfield wrote: “I’m happy to announce we have raised £1m in 96 seconds, making this the fastest crowdfunding raise in history at more than £10,000/second. More than 1800 individuals will join Passion Capital as investors in our current investment round of £6m.”

Blomfeld also used the post to apologise for the frustration many would-be investors had suffered over the past few days and said there would “hopefully” be a crowdfunding component in Mondo’s next round of funding later this year.

Mondo is pitching itself as “a bank as smart as your phone” with intelligent notifications and data on the places where the user’s Mondo bank card is most frequently used.