Challenger bank Mondo needs a new name after legal challenge
Bad luck for hopeful challenger bank Mondo.
The mobile first firm is still waiting for its full banking license, but its already facing legal trouble.
Mondo, which attracted a £7m investment from Passion Capital and secured £1m through a crowdfunding campaign from almost 9,000 people in just 96 seconds earlier this year, is being forced to change its name after an undisclosed company with a similar one threatened legal action.
Read more: Don't let Boaty McBoatface put you off crowdsourcing
Following the lead of Nex Group (the brokerage formerly known as ICAP), the mobile-first bank has asked the public to help find a new one.
"We've seen close to 10,000 submissions already", said a cheery spokesperson for the firm. "As of right now we're at 9,400 and that's just from this morning!"
Mondo is no stranger to appealing to the public, so it's no surprise that the firm has put a few rules in place to ensure there's no Boaty McBoatface-like disaster.
Read more: Challenger banks will take "years" to make money
There's just two rules for the competition, which ends on Tuesday night.
The first is that the new name must begin with an M. The second? Mondo insists: "it can't be Banky McBankface".