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Mondo bank taking £1m crowdfunding investment

getmondo.co.uk

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Re: Mondo bank taking £1m crowdfunding investment

#11

Post by easytiger »

cmdkeen wrote: post #2

Disclaimer: I'm seriously considering investing in this. There was a very good talk about their back end infrastructure at NDC London that makes me confident in their tech chops. Some of the value add concepts on their website look really useful for attracting customers. Crucially I'm aware of just how much legacy cruft is holding back more established retail banks. In the same way that things like newer airlines can…

> Plus there is a still a significant anti-banker mood where being a retail only operation could be of significant benefit.

If they are operating as a retail bank they will have the same regulatory constraints. I recall a previous attempt to create a bank was dropped after a basic set up of the legal framework to meet the regulatory requirments was estimated at £50million

Re: Mondo bank taking £1m crowdfunding investment

#12

Post by cmdkeen »

boothead wrote: post #8
cmdkeen wrote: post #2

Disclaimer: I'm seriously considering investing in this. There was a very good talk about their back end infrastructure at NDC London that makes me confident in their tech chops. Some of the value add concepts on their website look really useful for attracting customers. Crucially I'm aware of just how much legacy cruft is holding back more established retail banks. In the same way that things like newer airlines can…

Got a link to the talk/slides? As someone who works in a bank I'd be really interested what a truly green field approach looks like!

Slides are at https://speakerdeck.com/mattheath/handing-failure-in-microse... Sadly not many of the videos are up yet. I'm pretty certain they were recording all of the sessions so they should be coming at some point via NDC.

Re: Mondo bank taking £1m crowdfunding investment

#13

Post by grabeh »

easytiger wrote: post #11
cmdkeen wrote: post #2

Disclaimer: I'm seriously considering investing in this. There was a very good talk about their back end infrastructure at NDC London that makes me confident in their tech chops. Some of the value add concepts on their website look really useful for attracting customers. Crucially I'm aware of just how much legacy cruft is holding back more established retail banks. In the same way that things like newer airlines can…

> Plus there is a still a significant anti-banker mood where being a retail only operation could be of significant benefit. If they are operating as a retail bank they will have the same regulatory constraints. I recall a previous attempt to create a bank was dropped after a basic set up of the legal framework to meet the regulatory requirments was estimated at £50million

To encourage competition in the space, the UK recently reduced certain capital requirements in relation to banking start-ups, compared to established banks. This article has some good background:

http://www.bloomberg.com/news/articles/2015-08-18/mondo-s-ce...

Re: Mondo bank taking £1m crowdfunding investment

#14

Post by consp »

As usual with these things: What about app/server security. Simple token verification is prone to abuse (malware) and spoofing is becoming a bigger issue on mobile only platforms than ever before.

Server abuse is difficult, but not impossible and since getting a banking licence usually does not verify any security measures, I'm wondering what they already did (or didn't) do.

(I'm well aware of the state-of-the-art, and the usual less than so, security of banking apps).

Re: Mondo bank taking £1m crowdfunding investment

#16

Post by jhuckestein »

boothead wrote: post #8
cmdkeen wrote: post #2

Disclaimer: I'm seriously considering investing in this. There was a very good talk about their back end infrastructure at NDC London that makes me confident in their tech chops. Some of the value add concepts on their website look really useful for attracting customers. Crucially I'm aware of just how much legacy cruft is holding back more established retail banks. In the same way that things like newer airlines can…

Got a link to the talk/slides? As someone who works in a bank I'd be really interested what a truly green field approach looks like!

Here's a video from a similar talk at Golang UK: https://www.youtube.com/watch?v=cFJkLfujOts

Re: Mondo bank taking £1m crowdfunding investment

#17

Post by [deleted] »

boothead wrote: post #8
cmdkeen wrote: post #2

Disclaimer: I'm seriously considering investing in this. There was a very good talk about their back end infrastructure at NDC London that makes me confident in their tech chops. Some of the value add concepts on their website look really useful for attracting customers. Crucially I'm aware of just how much legacy cruft is holding back more established retail banks. In the same way that things like newer airlines can…

Got a link to the talk/slides? As someone who works in a bank I'd be really interested what a truly green field approach looks like!

[deleted]

Re: Mondo bank taking £1m crowdfunding investment

#18

Post by anteht »

Very interesting. As far as Mondo goes, it's great so far - am on the alpha program and have been using it for almost a month now and very impressed by it. Using it abroad was the main selling point, as that's always a mess otherwise. Basically how banking should be in a modern day and age, even though it's only with a prepaid debit card at the moment.

Re: Mondo bank taking £1m crowdfunding investment

#19

Post by tomblomfield »

Jamieee wrote: post #5
buro9 wrote: post #4

It's unclear from the blog, but will Mondo be using Crowdcube's A/B shares? A lot of Crowdcube investments issue two types of share depending on the investment size. At the higher end the A shares are regular shares, but smaller investors usually get B shares that are not equal and grant fewer rights. The very simple question for Mondo, are all of the shares that you'll be offering via Crowdcube on the same terms as…

This as well as £/shares seems like two key things that haven't been answered.

[I work at Mondo!] Investment will be at the same valuation as our VC investor - £24m pre-money.

We'll be releasing details of terms & share-class next week before the investment goes live. There are a few regulatory questions we need to settle first.

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