How MonieWorx Encore Campaign Raised N260m In 7 Days

MonieWorx, the SEC regulated crowdfunding marketplace operated by Obelix 4.1.1 Alternative Finance Ltd, a SEC-licenced Operator of regulated markets for investors and issuers of crowd securities, has closed its Encore Campaign, raising an impressive N260 million in just seven days.

In its pioneer campaign six months ago dubbed “100-in-10”, MonieWorx successfully raised N100 million for three SMEs in 10 days.

This created a groundswell that occasioned an encore campaign during which N260 million was raised for seven SMEs in ten days.

This success highlights the commitment of the MonieWorx to creating a viable alternative marketplace for investors seeking safe and viable investment opportunities and SME businesses seeking working and growth capital.

The campaign saw the debut of GCN Crowd Notes, (priced at 19 per cent) – a fixed income product with a cover – that was structured in response to the feedback from the MonieWorx community of investors.

Members of this community have lost as much as N100 million to ponzi schemes. The design of the GCN Crowd Note is intended to provide principal protection thus assuaging the concern and inoculating against past trauma.

In keeping with one of its unique value propositions of making every Friday a payday, it is noteworthy that the encore campaign ended on Wednesday August 23rd and the first interest payment to investors happened on Friday, August 25th.

MonieWorx engaged this audience by hosting interactive sessions on Instagram Live and X Spaces, ensuring transparency and building the trust necessary to grow the MonieWorx community solidifying transparency and trust as the Campaign progressed.

Adesola Adeyinka, the COO of MonieWorx, commented on the SME selection process as a critical step in protecting investor funds and preserving the platform’s zero default record, “The screening committee admits only established and thoroughly vetted SMEs as fundraisers.

Beyond the obvious financial screening, 360-degree references are independently obtained on both the business and its promoters to ascertain that their characters and values are in alignment”.

She added further that “in the just concluded cohort, only a fifth of the shortlisted applicants were successful.”

The CEO of Cobham Manufacturing, Adetokunbo Balogun, said “Raising on MonieWorx is cheaper, faster and way more convenient than raising with a traditional bank.”

A Canada-based investor, Grace Aondona, said : “The essence of investing is to beat inflation, and MonieWorx takes me closer to that goal than any other legitimate investing app in Nigeria.”

Oye Oladejo, who is a doctoral student at De Montfort University in the UK and is currently covering MonieWorx as part of her research study on crowdfunding and alternative financing for MSMEs in Nigeria opined: “The MonieSessions on X and Instagram were very insightful. I see that MonieWorx customer propositions compare favourably with what obtains in other climes.”

Some members of the audience at the X Spaces MonieSessions titled ‘Small Investments Do Add Up: Over 50 million crowdsourced for SMEs in 2 days’ declared after the event that, “It was engaging and insightful, with great time management. There were no rambling or boring people.”

The success of this encore campaign underscores the power of collective investing, with fundraisers bringing their network to the marketplace, many investors from the pioneer campaign returned in a show of trust while many small ticket first time investors took advantage of low entry ticket price of N1,000 with subsequent increments of N50 thereafter.

The platform’s inclusive approach allowed a diverse pool of investors to participate thus encouraging investment across all income levels and a renewed vigour in the fight against keeping funds idle.

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