23 June 2018
Register for the webinar today

Mondo stumbles on move into public beta

17 March 2016  |  12047 views  |  3 Mondo

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)

Matt Scott
Matt Scott - RenovITe Technologies Inc - London 17 March, 2016, 11:18 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.
Be the first to give this comment the thumbs up 0 thumb ups!
Peter Fletcher-Dobson
Peter Fletcher-Dobson - Kiwibank - Wellington 18 March, 2016, 02:30

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.

Be the first to give this comment the thumbs up 0 thumb ups!
A Finextra member
A Finextra member 21 March, 2016, 10:18

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? 

1 thumb up! 1 thumb up!
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mondo stumbles on move into public beta

Mondo stumbles on move into public beta

17 March 2016  |  12047 views  |  3 comments | 11 tweets | 6 linkedin
Mondo takes just a minute to raise £1 million

Mondo takes just a minute to raise £1 million

03 March 2016  |  10337 views  |  0 comments | 25 tweets | 9 linkedin
Mondo reboots crowdfunding campaign

Mondo reboots crowdfunding campaign

02 March 2016  |  4498 views  |  0 comments | 1 tweets | 1 linkedin
Mondo rush breaks Crowdcube

Mondo rush breaks Crowdcube

29 February 2016  |  6142 views  |  0 comments | 10 tweets | 3 linkedin
Mondo invites customers to become investors with £1 million crowdfund raise

Mondo invites customers to become investors with £1 million crowdfund raise

15 February 2016  |  9939 views  |  0 comments | 14 tweets | 10 linkedin
Mondo releases API to let customers play with their own data

Mondo releases API to let customers play with their own data

03 February 2016  |  14664 views  |  0 comments | 27 tweets | 26 linkedin
Mondo bucks banking protocols with release of first 'Alpha' cards

Mondo bucks banking protocols with release of first 'Alpha' cards

02 November 2015  |  9131 views  |  2 comments | 12 tweets | 8 linkedin
Mondo releases secret API; runs hackathon

Mondo releases secret API; runs hackathon

10 September 2015  |  9622 views  |  0 comments | 12 tweets | 8 linkedin
Smartphone challenger bank Mondo awaits approval from BofE

Smartphone challenger bank Mondo awaits approval from BofE

30 June 2015  |  11828 views  |  0 comments | 19 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://info.nice.com/Visit http://go.jumio.com/finextraAdVisit www.worldwealthreport.com

Top innovation topics

Most viewed Most shared
Collaboration in financial services is key in Latin AmericaCollaboration in financial services is key...
4988 views comments | 6 tweets | 7 linkedin
satelliteFrance gets blockchain accelerator
4939 views comments | 6 tweets | 3 linkedin
Interac opens innovation labInterac opens innovation lab
3911 views comments | 3 tweets | 1 linkedin
The devil is in the detailThe devil is in the detail
3810 views comments | 1 tweets | 4 linkedin

Featured job

to GBP £90K base, double OTE (estimate)
London, UK or Europe

Find your next job