Mondo has become the latest company to gain a banking licence from the Financial Conduct Authority (FCA).
The bank will be available as a mobile phone app, will focus on digital current account services. Mondo was founded by Tom Blomfield, who has raised £1 million from a crowdfunding platform. The bank has also had about £7 million support from Passion Capital. Mondo is targeting smartphone users who who no longer want to use cheque books and visit branches. The bank currently offers pre-paid cards.