Thursday 25 August 2016 7:26 pm

Mon-who? Challenger bank Mondo rebrands as Monzo following trademark snag

Challenger bank Mondo is no more, officially rebranding itself today as Monzo.

The smartphone-centric firm originally called itself Mondo, after the Italian word for world, before its trademark for the name was successfully challenged by another company.

After raising £1m in 96 seconds through crowdfunding earlier this year, the bank has clearly decided reaching out to the public is the way to go, opting to crowdsource its new name.

The appeal to the public attracted 12,560 suggestions, allowing the company to pick out its new moniker in just two months. Monzo was suggested by six people.

There was, however, a catch to the competition – the name had to begin with 'M'. After all, it would have been a shame if the company had had to ditch all its merchandise.

"Of course, it's not a million miles away from what we already had. It’s like Mondo, but better," said Tom Blomfield, the startup's chief executive. “And hopefully with fewer lawsuits."

Monzo, which launched roughly 18 months ago, formally became a bank earlier this month, when it was granted its licence from the Bank of England's Prudential Regulation Authority and the Financial Conduct Authority.