Digital banking startup Mondo is looking for 3000 people prepared to test its prototype debit card and iPhone app, while issuing a warning that "you will experience problems with this product".
Mondo is one of a clutch of tech-savvy banking startups looking to disrupt the market for financial services in the UK. The neo-bank - established by a team who flew the nest at fledgeling challenger Starling - is building its software from scratch, developing a prototype mobile app and linked card to simplify account management and budgeting in real-time.
With its application for a UK banking license still in the works, the company is ready to distribute its first live MasterCard pe-paid debit cards and associated iPhone app in 'Alpha' mode.
In a blog post announcing the roll-out, Mondo chief Tom Blomfield, says the company is committed to launching prototype applications to see how the product works in real-life situations, with a view to iterating and improving on the hoof. The approach has more in common with the fast-moving consumer electronics industry than the long-lead times and bug-free product launches preferred in more conservative banking circles.
"That inevitably means the product won’t be 100% polished and bug-free, at least initially," says Blomfield. "Things will inevitably not work as expected and you may even temporarily lose access to the money on the card. But we’ll work hard to fix those problems as quickly as we can. We also guarantee that you will never lose money as a result - we’ll refund any mistakes that deplete your balance. And there will be zero fees or charges for using the card, even abroad."
The firms is looking for an initial batch of 500 London-based users prepared to try out the cards in stores, online and at contactless terminals. The complementary app will provide instant payment notifications, spending summaries, and the ability to temporarily freeze a card if lost, as well as access to the Mondo API.
"Once we’re happy that the first 500 cards are working as anticipated, we’ll release further waves," says Blomfield. "In total, we’ve got 3000 limited edition “Mondo Alpha” cards to give out over the the next three months or so. After this, we’ll move into a wider public 'Mondo Beta'."