FinTech company Mondo may be set to release its new name to the public on Thursday 25th, the company indicated in a tweet on Thursday afternoon.
Earlier this summer, Mondo asked the public’s advice on a name change after a similarly named unspecified company challenged the UK FinTech start-up. The business identified three rules to guide their search:
- The name should start with the letter “M.”
- The name should represent us and work across different languages and cultures
- It can’t be Banky McBankface,
according to crowdfundinsider.
Mondo also stated:
“It can be painful to change the name of a product, but – being the optimists we are – we think this is a great opportunity to come up with something even better. Our commitment to transparency means we’d love your help finding something that will represent us from now on.”
The London-based FinTech start up started developing its smart phone banking service in February 2015. It broke a crowdfunding world record, raising more than £1 million in just over 1.5 minutes in its equity crowdfunding campaign on CrowdCube earlier this year.
Mondo’s name change comes just two weeks after the company declared itself a licensed bank, which is now regulated by the Financial Conduct Authority and Prudential Regulation Authority.
Looking to the future, Mondo commented:
“We’ll continue to distribute Mondo Beta cards and develop the Mondo app so that it’s ready to become your bank account in early 2017 and, of course, all current users will have the option of seamlessly switching to ‘full Mondo’! Thank you so much to everyone who is part of the wider Mondo community. We couldn’t have done it without you and we can’t wait to see what the next 18 months will bring.”
The London FinTech industry is currently one of the most thriving new developments in the ongoing digitalisation of services. However, some people in the industry are concerned that the consequences from the recent Brexit vote may negatively effect FinTech business growth in the UK.
Katharina Fleiner 19/08/2016