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Mobile-only bank Monzo has hit its crowdfunding target after raising £18 million in less than three hours.
The mobile-only lender reached its £20 million goal after its more than one million current account customers were able to buy shares in Monzo, in the largest ever crowdfunding round for a British fintech (financial technology) company.
Chief executive Tom Blomfield hit back saying the company does not “encourage our customers to borrow money, from Monzo or anyone else, to buy shares”. Report by Khanomh. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn