Crowdfunded Alternative to Mainstream Banks Raises £100,000 in 9 Days

civilisedmoney/Promo image

As The Story of Broke continues to make its way around the internet, many people are wondering what an alternative to our current financial crisis might look like. From the Plenitude Economy to local investing, there are signs of a new economy emerging all around us.

People are even rethinking the notion of banks.

Last week I posted on an appeal by UK-based Civilisedmoney, which was seeking investors for creating a peer-funded, transparent alternative to mainstream banks.

Now that appeal is over, and the company raised its target of £100,000 (about US$150,000) in 9 Days. As one tweet that flew past as they raced to meet their deadline said, "banking is yet to have its Amazon moment". Civilisedmoney will be hoping that this may be it. (I recommend following @civilisedmoney for more tweets on rethinking our financial system.)

Interestingly, the whole concept was dreamed up by two people who have extensive experience of the status quo too:

Established by two Internet veterans, civilisedmoney has been four years in development. Jason Scott spent four years researching banking and money in an effort to understand the cumulative causes and effects of the global financial crisis. Working with Black Horse Agencies in the middle of the 1990's recession, he represented mortgage lenders at a rate of two or three repossessions per day. It left an impression and ignited a desire to change finance. Neil Crofts was Head of Strategy at Internet consultancy Razorfish where he worked with financial services clients such as NatWest, Banca Mediolanum and Egg. After Razorfish Neil established his own consultancy dedicated to authenticity in business and has written three books on the subject.

As people who believe in authenticity in business too, TreeHugger will be watching closely to see what civilisedmoney does to civilize all that money it has raised.

Watch this space.

Tags: Activism | Economics | United Kingdom