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Online & Mobile Banking

Mondo secures bank licence from UK Competition Markets Authority

Friday 12 August 2016 | 11:29 AM CET

Mondo, a UK digital bank, has gained bank licence from UK Competition and Markets Authority and become a competitor for high-street banks.

The bank, built around a mobile phone app, will focus on current accounts and digital services, interacting with customers by sending notifications and providing instant balance updates — rather than through high-street branches, ft.com reports.

The Competition and Markets Authority ruled on that banks must open customer data so that it can be shared — with consent — with third parties that might be able to offer better deals.

Mondo is working to secure further investment and bolster its IT systems before launch early in 2017. in 2016, Mondo raised GBP 1 million  from a crowdfunding platform in almost 90 seconds. The bank has gained about GBP 7 million  from venture capital company Passion Capital.

The bank is working with other providers so that it can act as a hub giving access to a range of financial services. Mondo will offer a “budgeting” feature, displaying customers’ goals in the near term and long term.

More: Link
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