Mobile-first bank Mondo took just one minute and 36 seconds to raise its £1 million target on crowdfunding site Crowdcube today.
The digital challenger bank had to suspend its fundraising round yesterday, after a surge in demand from the general public crashed Crowdcube’s servers.
Apologising to would-be investors, Mondo CEO Tom Blomfield said yesterday: “Unfortunately, the level of demand to participate in Mondo’s crowdfunding has overwhelmed Crowdcube’s servers, and so we’ve taken the decision to temporarily pause the campaign. Once we’re happy that their servers are prepared to handle the load, we will restart the campaign and email you a private link before it goes live to the public.”
Up to 6,000 people had registered to take part in the crowdfunding campaign, and all the investment opportunities were immediately snapped up when the campaign went live again today.
The public Crowdcube funding round is one element of Mondo’s overall £6 million financing goal. The bank, which is in the process of gaining its banking licence, is already piloting its debut card-linked mobile app with 1,500 potential customers, with thousands more set to come onboard this year.
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