Mondo, currently in Beta and yet to officially launch, already has tens of thousands of people on its waiting list. On the surface Mondo is simply a mobile-first bank providing a current account, debit card and overdraft. Dig a little deeper and you’ll find a whole new banking experience – from showing maps of where you spent your pennies, holding your hand so you don’t go overdrawn, through to blocking your lost card at the tap of a button..
How they’re disrupting
Much of the excitement around Mondo is down to their open API and engagement with the tech community. Building its own technology from the ground up enables it to offer features that legacy banks struggle to, due to their outdated software and infrastructure. Examples include helping customers to automatically redeem loyalty card points post shopping, splitting bills post dinner, or providing “nudges” to help save for that holiday.
The next Facebook or Google of the banking sector?
Investments and future
With £2 million invested by Passion Capital, Mondo bolstered funding in anticipation of obtaining regulatory approval as a fully fledged bank with a further £5 million from the London VC. Most recently they landed the fastest crowdfunding raise in history, raising £1 million in 96 seconds. As for the future, they’re already planning to rollout in other European countries and continue to roll out exciting new features.