Monger, 17, sustained severe injuries in a high-speed accident at Donington Park after hitting a stationary car, resulting in the amputation of both his lower legs.
A JustGiving page was set up to raise money for Monger by his team, JHR Developments, on Wednesday afternoon, setting an initial target of £260k.
Thanks to an incredible show of support from the motorsport community and donations from high-profile figures such a Jenson Button, Chip Ganassi and Jose Maria Lopez, this total was surpassed in around six hours, enjoying wide-reach on social media.
As of Thursday morning, the total stands at over £500k from almost 10,000 donors, including £15,000 donations from F1 stars Max Verstappen and Jenson Button.
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