App Bank Mondo Crowdfunds £1M In 96 Seconds

mondoMondo  https://getmondo.co.uk , a London-based fintech startup looking to create a new type of bank, set a record as quickest crowd-funding campaign in history when it took 96 seconds to complete its £1 million funding round on equity crowd-funding platform, Crowdcube.

The bank has already launched an alpha test phase and intends to rapidly expand its offerings using the £1 million in crowd-funding as well as a further £5 million in seed funding from Passion Capital, a London venture capital firm.

Demand for equity investment in the bank was so strong it crashed Crowdcube’s servers on 1 March when the campaign was initially launched. Mondo capped investment per person at £1,000 in an attempt to allow as many people as possible to invest in the company. This resulted in 1861 people investing an average of £537 in order to share proportional slice of the offered 3.3% equity share in the startup.

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