UK-based Mondo, which bills itself as a mobile-first bank, is looking to raise £6 million by inviting customers to invest in the bank via crowdfunding platform Crowdcube along with VCs. The startup has secured £5 million from Passion Capital and is hoping to raise the remaining million from customers.
Update: according to Business Insider, Mondo was valued at £30 million in the round.
Mondo said it has turned down other international investors in order to include its customers ahead of the company’s public launch.
According to CEO Tom Blomfield, Mondo is the “bank for people who hate banks.” The mobile banking platform is currently awaiting its first banking license in the UK while 1,500 people are testing the service with 30,000 registered on a waiting list.
“We’re using the power of the smartphone to put our customers back in control of their finances,” said Blomfield. “You can see exactly what you’re spending in seconds, from anywhere in the world. Sending money to friends or splitting bills is as easy as a single tap.”
Mondo previously raised a £2 million seed round from Passion Capital last year. Customers that invest now through Crowdcube will own shares in the company, skip the 30,000 long waiting list, and receive a “Mondo Investor” prepaid debit card with access to the iPhone app.
Open investment for Mondo customers will begin on Tuesday March 1 with pre-registration available on Monday February 29.
“Mondo is Passion Capital’s single largest investment and we’re delighted to be supporting Tom and the team as they tackle a market that’s an order of magnitude larger than that of most other companies,” said Eileen Burbidge, partner at Passion Capital. “Consumer expectations have shifted; they expect to be able to do everything from their mobile in a matter of seconds. We’re very excited that Mondo will bring that experience to banking.”