10 years ago
Mondo Raises £2 Million in Seed Funding from Passion Capital
Mondo, a UK-based banking startup, has raised £2 million in seed funding from Passion Capital
The company is building a 'full-stack' digital bank with no physical locations, offering mobile-first banking with real-time reporting and geolocation-marked transactions
Mondo is aiming to secure a full UK banking license and launch a limited beta utilizing Mastercard in the next 3-4 weeks
They expect to offer a full current account by the first half of 2016, assuming the regulatory process goes smoothly
Mondo's business model relies on transparent overdrafts and a low cost base compared to traditional banks
By leveraging data, the company aims to proactively warn customers about potential overdrafts before they happen.
ProblemFinancial Services
"Traditional banks are stuck with outdated systems and processes, making it difficult for them to innovate and solve the day-to-day problems that consumers face. They often charge hidden fees and don't offer features that are truly useful to their customers, such as real-time reporting of withdrawals and geolocation-marked transactions."
Solution
"Mondo is a digital bank that aims to provide a better banking experience by building its own "full-stack" banking software, which enables it to offer innovative features and be more responsive to customer needs. It will be mobile-first, with no physical locations, and will offer features such as real-time reporting, geolocation-marked transactions, peer-to-peer payments, and proactive alerts to prevent overdrafts. Mondo also plans to secure a full UK banking license, which will enable it to offer lending products such as transparent overdrafts."
