The fire continues burning under fintech with huge demand for the latest crowdfunding of digital challenger bank Revolut.
More than 40,000 people have pre-registered to back the banking startup ahead of the official campaign which kicks off today. Combined, they have pledged more than £17m, however, their investment will be capped at £1,000 each and no more than £4m collectively.
According to Seedrs, the crowdfunding site where the cash is being raised, it's the largest ever pre-registration for an equity fundraise.
The crowdfunding is part of a $66m (£51m) funding round with backers including Balderton Capital, Index Ventures and Ribbit Capital. A previous crowdfunding campaign saw £17m pledged by 10,000 wannabe investors and Revolut eventually hitting a £1m target. Crowdfunding early stage investments are capped at €5m under EU rules.
It's just the latest example of huge appetite for fintech among retail investors, many of whom are users too. Revolut promised users of its new premium subscription service first dibs on getting involved and a higher £2,000 investment threshold. Monzo, Tandem and GoHenry are among hugely successful fintech crowdfunders.
"Word of mouth by our loyal customer base is the reason that Revolut has achieved so much in just two years. As a token of our appreciation we are offering them the chance to play a longer term role in the fintech revolution by owning equity in a fast scaling fintech as we embark on our global mission," said Revolut founder and chief executive Nikolay Storonsky.
Andy Murray, a Seedrs stalwart investor, will also put cash into Revolut, which has ambitions plans for expansion and growth having already launched several new products and features this year.