What banks can learn from Mondo’s record-breaking £1m crowdfunding campaign

Mondo Bank has a long journey ahead of it as it seeks to become the Facebook or Google of banking as venture capitalist Eileen Burbidge envisions.

But it took the upstart bank just 96 seconds to raise £1m from 1,861 people through a crowdfunding campaign on Crowdcube.

Thousands more would-be investors were left out, demonstrating that there’s significant demand on the part of everyday consumers to invest their own money into building the bank of the future.

For the banking establishment, Mondo’s record-breaking crowdfunding haul, which was a part of a larger £6m funding round led by traditional venture capitalists, might not be cause for concern in pure dollar terms but it does reflect how consumer finance is changing.