Confirmed: Passion Capital Invests £2M In “Full-Stack” Bank Startup Mondo


A few months ago we reported that U.K. banking startup Mondo — whose founders include GoCardless co-founder Tom Blomfield — had raised its first funding round, which our sources pegged to be in the “millions”. And just last month we called out London-based VC Passion Capital as the investor, which today Mondo is confirming.

“Passion Capital have invested £2 million, and we’ll be looking to raise around £15-20 million before our full launch — this will be dictated by the Bank of England’s regulatory capital requirements,” Blomfield tells TechCrunch.

The reference to the Bank of England’s regulatory requirements reflects Mondo’s ambitions to secure a full U.K. banking license. This, amongst other things, will enable it to lend out customers’ deposits (in the form of “transparent” overdrafts, for example), forming the basis of its business model.

The startup is to launch a limited beta, utilising Mastercard, in the next 3-4 weeks, says Blomfield, but doesn’t…

View original post 464 more words