Mondo stumbles on move into public beta

Mondo stumbles on move into public beta

Fresh from a £6 million funding round, mobile-only banking startup Mondo is moving into a public beta, inviting anyone with an Apple phone to download its app from the App Store...assuming they can get past some early teething problems in the authentication process.

The company is promising to issue the first 1000 users on its 52,000-strong waiting list with its MasterCard pre-paid debit card by early next week.

The launch comes 136 days after an Alpha Preview, which saw three thousand users test the app, offer feedback, and spend more than £1.5m in total.

Secured by Touch ID, Mondo users can now send instant P2P (person-to-person) payments to any other Mondo user with just their phone number.

Much like the issues which stalled its public fund raising drive on CrowdCube earlier this month, Mondo too appears to be suffering early teething problems in identifying users.

For those who get through the gates, the beta will still only provide an early preview of Mondo's capabilities.

In a statement, the company says: "Many of the same caveats still apply to the Mondo Beta as they did to the Alpha, although we have made some huge improvements over the last few months. It’s important to note that you won’t yet have access to ‘full banking’ features like Direct Debits or Faster Payments."

Mondo says these capabilities will come once it secures a full banking license later this year. An Android app is also in the works, with Mondo inviting Android developers to help with the implementation.

The upstart bank has also embarked on a major recruitment drive, inviting applications for a range of job titles, including head of security, financial crime, lending, risk, and marketing and operational roles.

Comments: (3)

A Finextra member
A Finextra member 17 March, 2016, 11:18Be the first to give this comment the thumbs up 0 likes Not a great experience so far. After an email invite to join the Beta I installed the app - unfortunately the email authentication process appears to be broken... Digital Banking evolution? Not quite there yet.
A Finextra member
A Finextra member 18 March, 2016, 02:30Be the first to give this comment the thumbs up 0 likes

Download and registration worked fine for me. I have 54,056 people ahead of me and 6,955 behind me. Isn't that just extraordinary that I'm in an excited queue of 61,000 people waiting for a bank to open on my phone. When has any bank had that type of fan demand? I think that's revolutionary in itself.

A Finextra member
A Finextra member 21 March, 2016, 10:181 like 1 like

Well I'm one of those who managed to get the chance to invest.  I now have until the end of the month to decide whether to actually invest.   Anyone know how Mondo compares to Atom or Tandem?