More than $26m spent through challenger bank Mondo

UK challenger bank Mondo has passed a new milestone with more than £20m ($26m) spent through its service to date.

The mobile-first bank also says that daily spending through the service has grown from £80,000 ($104,000) at the end of April to £200,000 ($261,000), as it continues to gain traction.

Announcing the milestone, the company also broke down how users are spending money through the platform, with a quarter of the £20m ($26m) being spent abroad.

Mondo says this is the result of users taking advantage of its fee-free travel offering. It highlighted the US, France and Spain as the most popular destination, but says it’s been used in more than 130 countries.

Domestically the service was most-often used at supermarket Tesco followed by TfL (Transport for London).

The company, which is still waiting to receive a full banking license to be able to offer a current account and debit card, received £1m ($1.3m) though a crowdfunding campaign in March.

It took the startup less than two minutes to reach the target, setting a new Crowdcube record. Previous to that Mondo raised £7m ($9m) from Passion Capital over two rounds.

Copyright © 2016 FINTECH GLOBAL

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