Future Finance

The bank of the future needs a new name

By Oliver Smith 13 June 2016
Summary

Moneybank? Moneybags? Moolah?

“I’m just a bit worried about ending up with Banky McBankface.”

Mondo, the digital bank that we’ve come to know and love, needs your help finding a new name.

After a year of building, crowdfunding and testing, CEO Tom Blomfield was recently faced with some troubling news.

Renaming Mondo

“So we have had a clash with another trademark,” Blomfield told The Memo.

“To try and avoid a massive legal battle we’ve agreed to change our name, which is a bit annoying, but it’s fine.”

Most frustratingly, the news comes after Mondo has already sent out over 10,000 beta cards for people to start trying out its app.

But rather than picking a name themselves, Blomfield and the team have decided to get their thousands of Mondo card-holders to help by opening up the decision to suggestions.

Read more: Challenger bank Mondo raises £1m in the fastest crowdfunding ever

A bank called M…

Starting today Blomfield told The Memo that Mondo will open up suggestions here, with only a few caveats.

“I think we’re going to try and stick with the M logo, so anything beginning with M…”

But before you get too excited, this won’t be an open vote.

“We’ll take input from the crowd, but it will not be a democratic vote,” said Blomfield.

“I’m just a bit worried about ending up with Banky McBankface.”

Don’t worry Tom, we’ve got some great ideas brewing… Moneybank? Moneybags? Moolah?

Read more: Meet Mondo, the app that’s got the banks worried

RIP Mondo

Sadly this does mean that by the end of this week the bank formerly known as Mondo could have disappeared.

“We’ll be running a super-quick social media campaign to solicit ideas. Then the plan is to rapidly register the name, a new domain and rebrand the app in the space of a day or two.”

Blomfield said the company will also be running more extensive trademark and conflict checks on the name this time.

After that the team will gradually replace the cards already in circulation, but Blomfield said there’s no rush as existing cards will continue working for the next six to nine months.

So what would you call a bank beginning with M?

Mondo welcomes any suggestions here, and there are already names flying around on Twitter with the hashtag #NewMondo.