GoCardless co-founder Tom Blomfield is about to create a completely new bank which will be primarily a smartphone business.
The speculations on Blomfield's new business were circulating around the web for quite some time now, but after a series of tweets from both investors and the company, as well as a freshly released website, we have more details.
Named Mondo (opens in new tab), the startup is described as a “full stack” and mobile-first bank. What that means is that it isn’t simply a mobile app using existing banking software or an existing bank in order to offer its services.
Mondo is applying for a full banking licence (meaning it will be a bank, basically), and it is writing its own full stack banking software from scratch.
In screenshots shared on Twitter by Elieen Burbidge — a partner at London VC firm Passion Capital, who TechCrunch (opens in new tab)has learned is Mondo’s sole seed investor, having signed a term sheet “in the millions” and completed an investment in April this year —a number of the banking app’s cutting-edge features have been shown.
These include realtime reporting of withdrawals, geolocation-marked transactions, and peer-to-peer payments.
However, Mondo is not the first start-up trying to change how banking works. A direct competitor is Starling (previously Bank Possible), which Blomfield helped start.
He eventually left the company, took three of Startling's team with him, one of which is Mondo co-founder and CCO/Head of Product, Jason Bates.
Alongside Blomfield and Bates, Mondo’s other co-founders are Paul Rippon (previously Head of Banking Operations at Allied Irish Banks), Gary Dolman (previously CFO ABN Amro UK), and Jonas Huckestein (previously co-founder Hipdial).