Last week, Crowdcube #FundedClub member, Mondo, announced it has rebranded to Monzo during a live video presentation. The company declared earlier this summer it was changing its name after an undisclosed company with the similar name challenged it and the company allowed its fans to vote. The name had to start with an “M” and had to represent the company and its work across different languages and cultures.
During the presentation, CEO Tom Blomfield stated:
“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.”
Following the exciting announcement, the company revealed the following:
- The most suggested idea was ‘Mybank,’ with 332 people suggesting it.
- The other names in the top 10 were ‘Moolah,’ ‘Moola,’ ‘Money,’ ‘Mundo,’ ‘Moneta,’ ‘Midas,’ ‘Mango,’ ‘Mint’ and, simply, ‘M.’
- 10 people suggested ‘Mido’ and 12 suggested ‘Milo.’
- 52 unique suggestions were plays on the phrase ‘Banky McBankface’ (which the company stated it would NOT be re-named as).
Five people suggested Monzo, and the company offered them “custom swag” for helping to create the name, and they also offered the first ever Monzo cards (which will arrive in a few weeks). The name change comes just a few weeks after Monzo was dubbed a licensed bank. It will now be regulated by both the Financial Conduct Authority and Prudential Regulation Authority. The company stated more than 200,000 people have signed up to help make the “banking goals” happen and nearly 30,000 prepares cards are currently in circulation.
The company hit the spotlight earlier this year when it took to equity crowdfunding platform, Crowdcube, and crushed past records by raising 1 million in 96 seconds.
We’ve got 6 lovely people to thank for #Monzo – here’s @KamillaHannibal @tagates & @sweenolia in their new swag ? pic.twitter.com/o5gT1dHYMY
— Monzo (@monzo) August 26, 2016
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