Update September 2016: Following this post, Mondo were forced to change their name, and are now called Monzo, so we’ve updated the information below to reflect this.
Mondo, Monzo, the start-up which is hoping to turn its app in to a fully-fledged bank later in the year, has launched to the public.
Following testing from 3,000 users, spending a total of over £1.5 million, Mondo Monzo have moved in to a “public Beta”, and opened up the app to anyone with an iPhone.
By downloading the app, users can join a waiting list to receive their Monzo card (a MasterCard pre-paid debit card), to start using the app’s features. The waiting list currently stands at around 60,000, (and the app has rocketed up the iPhone personal finance app charts) and with Monzo suggesting they’ll be sending out a thousand cards a week, it could be a while until you receive your card, unless this speeds up.
Earlier today, users (included myself) also encountered a few problems with the sign-up process, but all these issues should now be resolved.
We’ll generously suggest the problems were caused by the deluge of users trying to access the system, rather than shoddy systems or programming – but it’s unfortunate that a new bank should experience such problems so early in their existence, at a time they’re most eager to win customer trust and give them confidence that they won’t experience the same sorts of online banking problems that have haunted some of the old guard.
As well as launching to the public, Monzo have also added a new feature to the app, P2P payments.
Monzo users can now send instant P2P (person-to-person) payments to any other Monzo user with just their phone number. Split the tab, share grocery expenses, repay borrowed money – the world is your oyster and it’s all secured by Touch ID.
