To that end, along with other U.K. bank upstarts, including Starling (for which Blomfield and co. have history) and Atom Bank (which just secured its banking license), Mondo is aiming to be a digital bank with no physical locations. This should enable it to significantly reduce the overheads normally associated with running a bank. “Our big advantage is that our cost base is something like 1 per cent or 2 per cent of a traditional bank,” says Blomfield. In addition, Mondo will be ‘mobile-first’ and is going as far as writing its own “full-stack” banking software, in order to offer features that legacy banks struggle with as they are reliant on outdated software and infrastructure. These will include realtime reporting of withdrawals, geolocation-marked transactions, and peer-to-peer payments.

http://techcrunch.com/2015/06/30/mondo-gets-passionate/