Challenger banks are a hot commodity in the Fintech world right now. Mondo, one of the leading digital challenger banks right now, has seen significant success through its mobile app. Over £20m has been spent through this app in just four months. This is quite extraordinary for a company that is still in public beta right now.
It has to be said, the waiting list for Mondo was unexpectedly long. Over 52,000 registered users wanted access to this digital banking platform as soon as possible. The public beta of the challenger bank’s mobile application started in March of 2016. Just over four months later, the platform surpasses £20m funds transfer milestone.
Mondo Surpasses Everybody’s Wildest Dreams
Interestingly enough, a significant portion of expenditures is used for international purchases. Particularly France, the US, and Spain are popular shopping and spending destinations for Mondo users. This is rather surprising for a UK startup, but it goes to show digital banking is a global effort.
Mondo has also noted how the daily spend has more than doubled since April of 2016. Back then, the daily average was £80,000, but this number has been increasing steadily to £200,000. Several merchants are more favorable than others as well for the challenger bank’s user base. Pret-a-Manger, Amazon, Tesco, and TFL are often frequented by Mondo users.
Looking at the infographic the company provided, Transport for London is very popular as well. With nearly 130,000 transactions to date, it is well ahead of Uber with 15,311 expenditures. The biggest average spend is made at the Apple Store, followed by Shell and Amazon.
All of these statistics are very favorable for the digital challenger bank, which continues to operate in public beta. One thing that will need to change is the company name, though, due to legal implications Progress updates on that front will be posted to the company’s Snapchat account.
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