Mondo is developing an app-based bank designed for smartphone-centric millennials, offering a fast, fully digital alternative to traditional banking. The company is currently in the process of securing a full UK banking licence and anticipates full authorisation later in 2016. Its product strategy centres on an iPhone app paired with a Mastercard® prepaid debit card, providing early users real-time spending insights and frictionless money management. Demand is strong, with a 30,000-person waiting list for access to the beta app. Financially, Mondo recently closed a £7 million round led by Passion Capital (of which £5 million was its most recent tranche) and has now complemented that with a £1 million equity crowdfunding campaign. The crowdfunding attracted 1,861 individual investors who collectively purchased 3.33% of the company at an average ticket size of £542. Management deliberately limited institutional participation in this tranche to give customers an ownership stake and foster community alignment.

Total raised

$9M

Funding rounds

3

Latest round

Equity

Latest activity

Mar 2016