It’s official – Mondo has a new name! The company announced on Thursday during a live video presentation that after months of customer voting, it is now to be called, Monzo!
The now formerly known as Mondo crew confirmed earlier this summer that they were looking to rebrand after “an undisclosed company with a similar name” was challenging them. The team also set three rules to narrow down our search:
- The name should start with the letter “M.”
- The name should represent us and work across different languages and cultures
- It could NOT be Banky McBankface
During the name unveiling ceremony, CEO Tom Blomfield shared details about the company’s incredible journey:
“We started Mondo just over 18 months ago in an effort to improve the way normal people live their daily lives, manage their money. Its built for our friends, our families, our brothers and sisters, our parents, and our children because we are disappointed in the way that normal banks were treating us. We wanted to build a bank that we would be proud to call our own.”
The company itself has had a really successful month. It declared itself a licensed bank and it is now set to be regulated by the Financial Conduct Authority and Prudential Regulation Authority. More than 200,000 people have signed up to help the company make its “banking” goals and nearly 30,000 prepares cards are in circulation. In regards to current prepare cardholders, the team stated that once they launch the full current account, they plan to send out new debit cards and ask customers to opt-in to updated Term and Conditions.
Prior to becoming a bank, the company took to equity crowdfunding platform Crowdcube and crushed past records by securing £1 million in an astounding 96 seconds. See the new change presentation below.
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