Disruptive digital bank Mondo has announced their App is available for download now. Following a test from more than 3000 users, spending over £1.5 million around the globe, Mondo is now in public beta.
According to Mondo, anyone with an iPhone may download the App. Android version is coming. Mondo has also expanded its reach to the entire UK (not just London). If you live in the UK and happen to be on the waiting list but in the top 1000, Mondo promises to send you their Mastercard Prepaid Debit Card. They will continue to send out a thousand cards each week.
In a blog post, Mondo explained they have made some “huge improvements” over the last few months.
“From day one, our philosophy has always been to focus on making something people want. To achieve that, we’re committed to launching prototypes early to see how people react, before improving the product based on that feedback.”
Full banking is not yet available but it is near the top of the feature list.
Mondo is a digital challenger bank that seeks to disrupt the traditional banking incumbents that have been slow to evolve and provide services demanded by customers. Monolithic banks have become known for surly service, high fees, and change-resistant cultures. Mondo wants to build the “best current account in the world”. No more branches. No more checkbooks. No more silly fees (needed to pay for those branches). Mondo expects to start slowly. In year one they will only offer limited overdraft protection. In the future, they will do more personal lending thus opening the gates further to challenging traditional banks.
Advocates of Mondo believe the digital challenger can undercut traditional banks that are encumbered by stiff legacy costs and a culture that reinforces poor practices.
Eileen Burbidge of Passion Capital, an investor in Mondo, recently stated Mondo is on a trajectory that could see it become the size of Facebook or Google for banking.
Mondo famously raised capital on Crowdcube crushing past records as investors blitzed the platform to purchase shares. Crowdcube had to pause the offer as they reconfigured to support the incredibel demand. In the end, Mondo raised £1 million in an astounding 96 seconds.