Mobile-first challenger bank Mondo has landed £5m in funding from Passion Capital, which also invested £2m in the company last year.
“We’ve been called a bank for people who hate banks,” said Tom Blomfield, CEO of Mondo. “We’re using the power of the smartphone to put our customers back in control of their finances. You can see exactly what you’re spending in seconds, from anywhere in the world. Sending money to friends or splitting bills is as easy as a single tap.”
Although it is still awaiting approval for its UK banking license, Mondo has involved users throughout the development process, a move the bank said will help it promote openness and transparency.
“Early on, we decided that openness and transparency was the only way to ensure that Mondo was solving real customer problems,” added Blomfield.
Eileen Burbidge, partner at Passion Capital, commented on her firm’s investment: “Mondo is Passion Capital’s single largest investment and we’re delighted to be supporting Tom and the team as they tackle a market that’s an order of magnitude larger than that of most other companies.
“Consumer expectations have shifted; they expect to be able to do everything from their mobile in a matter of seconds. We’re very excited that Mondo will bring that experience to banking,” concluded Burbidge.