UK digital bank Mondo has received its banking license from the Financial Conduct Authority and Prudential Regulation Authority.
Mondo launched as a ‘beta’ in February 2015, and offers customers a pre-paid account entirely managed through its app for iOS and Android. 30,000 of its cards are currently in circulation. After only 18 months, it is the youngest bank to ever be granted a license.
The banking license is still with restrictions, which Mondo says it will be working to lift over the coming months, so that it can launch a full current account offering. However, it sounds as though the bank will continue to operate on a limited basis, sticking to its waiting list system until ‘early 2017’.
The license follows a report from the UK Competition and Markets Authority last week, calling for a mobile ‘revolution’ in banking, in particular through the introduction of APIs that make it possible for customer data to be shared on third-party apps.
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