Digital challenger bank, Mondo, has reached a £20 million spend on its mobile app just four months after moving in to a public Beta phase.
Mondo launched the app to a 52,000-strong waiting list when it moved into a public Beta in March this year.
The UK new entrant reports that out of the total £20 million spend so far, around a quarter has been applied to purchases abroad, with USA, France, and Spain as the most common destinations.
Since April, the daily spend has more than doubled, from £80,000 to £200,000, with the most popular merchants being TFL, Tesco, Amazon, and sandwich chain Pret A Manger. The platform shows personal breakdown of merchants and categories to monitor where money is being directed.
Still operating in Beta, Mondo is searching for a catchy new monicker, after being legally challenged by an undisclosed company with a similar name. In a recent blog post, the firm invited people to link up with the putative bank on Snapchat for progress updates.