Tom Blomfield, CEO and founder Mondo. MondoHot startup bank Mondo must raise at least £15 million ($22 million) later this year to gain its full banking licence.
Mondo, which crowdfunded £1 million in just 96 seconds earlier this year, is in the process of applying for its full license and hopes to have a "restricted licence" within two or three months. This is a sort of probationary licence that allows Mondo to prove to regulators it is ready for a full licence. CEO Tom Blomfield told Business Insider: "The restricted licence is a way of signalling to the market that they are [the Bank of England and regulator Financial Conduct Authority] minded to approve you, so you can then go out and raise the capital you need to launch. It is sort of a test phase.