Here’s a quick roundup of the press that Monzo smashing it’s pledges target so far has generated (£7.7m pledged so far & counting…)
https://uk.news.yahoo.com/app-only-bank-monzos-crowdfunding-085010796.html
Not bad!
It looks like the attention this is getting has resulted in a record number of new users signing up to the community too 
FYI 
From my transcript of the stream:
Priyesh: So the three of us generated a random value, and this was done before the pre-registration started.
Priyesh: The reason that we did it before was that regardless of what happens over the next two weeks, the outcome of the ballot has already been determined by the three values we chose without telling each-other and whatever happens, we can’t influence the random order which will come out on the 14th.
Priyesh: And then each of us generated a hash.
Priyesh: A hash is a one-way function which means that from the hash, you can verify the value you generated
Priyesh: but you can not go back and get the value back, you can only go in one direction.
Priyesh: And this is an example of Daniel’s hash, and he tweeted this before the pre-registration started so that’s the 23rd of Feb.
Priyesh: And so, in the future, we can go back and verify that Daniel did indeed select this random value before the pre-registration started and he has not changed it since.
Priyesh: So on the 14th, we’re going to- the three of us are going to reveal what our random values are, we’re going to input them in to our random shuffling program.
Priyesh: The random shuffling program will take the random value and all the people who pre-registered who were not existing investors, randomly shuffle the list, and then we’re going to take the first- from the top of the list, we’re going to take the first X pounds of investment.
Priyesh: And that’s the process, so hopefully that convinces anyone out there that it’s fair and verifiable.
Tristen: No-one can ever say at Monzo that we don’t go the whole hog on this.
To put it shorter, three members of the team independently generated three random numbers in whatever way they chose and then shared a hash of them before the pre-registration opened while keeping the original numbers a secret. Here’s @daniel’s from Twitter.
https://twitter.com/danielchatfield/status/834785952677711872
When pre-registration closes and the ballot is performed, the three random numbers will be put in to the shuffling program to generate the order. These numbers can be verified to not have been tampered with by hashing them and comparing the hash with the ones shared before pre-registration opened.
By using this method, someone can verify that the ballot was performed fairly and has not been tampered with. The only hole I can see in this is the order the data is put in to the shuffle program. Because I believe it will shuffle the same every time with the pre-generated random numbers (to be verifiable), this order matters.
I’m still confused as to how these three numbers will generate the order. Am I missing something?
However it may not be needed anyway, as the way I see it if existing investors have pledged the full £2.5m no new investors will be added.
The 1,877 existing investors can only invest up to £1,000 each so they can only use up 1,877,000 of the 2.5m that’s been set aside for Crowdcube investors (& obviously some will invest less than £1,000) which means there will be a minimum of £623,000 to share out between new investors.
If the existing investors invest the average amount which was pledged on the first day of the latest campaign ~£283.50 (see this video at 8.05), then they would only take £532,129.5 leaving £1,967,870.50 for new investors…
If the new investors invest that much on average too, then there should be 6,941 new investors after this round is finished…
Using these figures, that means that if no one else pledged after today (current pledges are 8.95m), your odds of getting a chance to invest as a new investor are currently about 1 / 4.5 
Edit: My numbers are slightly off here, as there were actually 1,861 investors not 1,877, in the first round of fundraising - see Nathan’s post below.
Good maths. I wasn’t sure how many previous investors there were so thanks for the ckarification Alex 
According to Monzo, there were only 1861 investors 
so even more available for this round!
Correct! A detail I didn’t go into during the presentation was that we’ll be sorting the entries before shuffling them, removing the ability for someone to mutate the order of the entries to influence the outcome of the ballot.
If there will be a another crowdfunding round after the current one, whether it might be possible to offer buy back of existing shares, at or near the designated purchase price. That could be used to optionally increase the pot for new investors, by allowing existing investors to sell part or all their shares, if there is over demand again.
Now at £10m 
If anyone would like to hear Tom’s thoughts (he’s the CEO of Monzo) on this latest campaign, he was interviewed for a segment of the latest FinTech Insider podcast, which you can listen to here -
The interview begins at 51:45.
http://11fs.co.uk/podcasts/ep221-orange-new-bank/
It’s worth pointing out that he acknowledges the fact that [at least] 3/4 of those who’ve pledged so far won’t get the opportunity to invest & explains why the decision was made. So it sounds like Monzo are open to considering alternative approaches next time, if there is a next time…
Will be interesting to see the backlash, I know multiple people who think they’ve secured investment even though they aren’t existing investors. Will be some unhappy people sadly
I’m more of an realist and I’m still slightly sour that it’s unlikely that I’ll get a chance to invest. I was avoiding this topic really, but… and I know, there are limits, etc. However, I would prefer that new investors (only 2nd round) would be limited to £10, so all get a higher chance, than £10-£1000 limit. I was even considering pledging less, so I don’t cut someone out. 
With that attitude, I hardly consider it an investment, I don’t care what return it will be, how big my share will be, just let me participate in Monzo story.
It’s a bit of a dissonance, because many active people here + people I’ve met in Monzo offices are investors already, I still feel like I’ve joined a party too late and I’ll never be like “them”. Basically, some will be proud to say “I’m Monzo investor, 2 rounds” and all I will be able to say is “well, I tried”. 
I don’t feel being an investor is even that important to my Monzo experience. But I feel like I’m lying a bit to myself based on the wall of text I just made. 
On the other side, if I will be within that 1/4th of lucky people… I might even celebrate it with a glass of wine (and I don’t drink wine, but seems really suitable). Seven more days.
When I asked someone from the Monzo team about this at the open office, they said that the reason why they didn’t take that approach because user’s would think that it was unfair that the existing investors could invest a full £1,000 & the new investors would only be able to invest £10. (Then I assume that once everyone who wanted to, had invested, the rest of the remaining investment could be shared out using the ballot process).
So…lets take an anonymous vote which would users have preferred?
If there’s another alternative that you’d like to see, please post a reply to this comment & users can vote by liking your comment 
or divide the end number pledged as long as they weren’t multiple pledges by different emails from 1 user by the amount on offer - min £10
10m pledged , 2.5m available - everybody gets 25% of what they pledged
more people happy than unhappy 
anybody changing their pledge gets 25% of original pledge if new pledge is higher
Well, I can easilly see how/why others would think that if they’ve made such decision.
My personal opinion, I’d be happy with £10, I wouldn’t perceive it as unfair. I would think of this disparity as a bonus for first investors, they invested when Monzo was more risky (and it would be a good bonus for them).
I can agree that it was tough call to make and I don’t necessarily think Monzo made a bad one. That doesn’t mean I’m wholeheartedly behind this decision. Unless, I’m chosen in the ballot, then I will obviously agree with whole approach. 
I love this idea, 
maintains that proportionality and everyone takes a similar hit/restriction to what they were expecting to be able to invest!
I think the best solution would be to fill everyone’s buckets equally until they hit their pledged amount or the money is all allocated.
So if you had 3 pledgees; Pledgee A who pledged £10, Pledgee B who pledged £100 and Pledgee C who pledged £1000 but there was only £200 to distribute then A would get £10, B would get £95 and C £95. If there was £300 to distribute then A would still get £10, B would now get £100 and C £190.
@tommy5dollar
Very interesting approach, but would that scale well when we have £10kk pledged and only 1/4th will be in?
I don’t remember exact numbers of first investors, so I’ll take it was 1700 people.
We have £10kk pledged. 2,5kk is crowdfunding.
Version 1
Assuming that old investors will invest max, that leaves 2,5kk - 1,7kk = 720k.
With 10kk pledged, and average oscillating around £270-280, we are looking that 35,000(ish) people want to invest (on that average). 720k divided by 35,000ish people would allow to invest max £20 per person.
With certain percent of people investing £10, it wouldn’t technically allow to invest much more over £20, definitely not reaching sums like £35.
Version 2
Lets assume that old investors will invest on average £500, I made it higher than average pledge now because it seems reasonable. 
Old investors will take then 850k out of 2,5kk, leaving sum of 1650000.
With 35,000 people willing to invest, average investment could be around £47. Again, with some people going for £10, £20 etc pledges, it leaves some room for other people to higher, but probably unlikely to go over £100.
Version two feels better, but the outcome is solely based on fact that old investors invest gently. 
Version one is not far from “we allow everyone invest £10 only”.
However, both versions guarantee investment. Devil’s advocate now, but wouldn’t having 35k (+1,7k from old round) investors actually degrade the value of being investor? Well, not if Monzo reaches target of billion users, but before this happens, in current proportions - 1/4th or 1/5th of all Monzo users is an investor? 
I just think it would be nice that everyone who has registered an interest at least get a bit of the pie, whatever the amount.
I think there are so many people that want to be part of the Monzo (success) story, the more people the merrier. The more happy people that are happy, the more people they will tell (and who will hopefully want to join), if people are disgruntled, they’ll not be telling anyone!?
I know this won’t please everyone, but it would be nice to give the option to invest to as many people as possible.