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A “full-stack“ mobile-first bank Mondo announced

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).

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.