Startup bank enters beta phase
(21 March 2016 – United Kingdom) Mondo, a UK based fintech startup, has progressed into a public beta, inviting anyone with an Apple phone to download its app from the App Store.
The move follows a recent £6 million (A$11.4 million) funding round.
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.
However, the company is facing early teething problems as it faces problems in identifying users.
For those who are correctly identified, and pass through the initial issues, the beta will still only provide a limited 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 startup 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.
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