Mondo’s regulatory approval comes soon after digital rivals Starling and Tandem received the green light to launch. The Competition and Markets Authority also ruled this week that banks must open up customer data so that it can be shared with their consent so third parties can provide them with the best current account deals.
Mondo, founded by Tom Blomfield who was formerly chief technology officer at Starling in 2014, is now in the “mobilisation” phase, allowing the bank to secure further investment and bolster its IT systems before launch. Earlier this year, Mondo raised £1m from a crowdfunding platform in just over 90 seconds. The bank has gained about £7m from venture capital company Passion Capital.