Startup bank Mondo raised £1m crowdfunding in 96 seconds
This news is important for banking in the UK for the following reasons:<p>- UK banks are slow to innovate and people (especially younger generation) are getting  annoyed. People want a bank that is digitally strong, Mondo&#x27;s 30k waiting list proves this.<p>- Banks will become more like platforms. Number26&#x27;s partnership with TransferWise is an example of this beginning. See Clayton Christensen illustrate this <a href="https:&#x2F;&#x2F;youtu.be&#x2F;oCKZwrfysbM?t=1h19m28s" rel="nofollow">https:&#x2F;&#x2F;youtu.be&#x2F;oCKZwrfysbM?t=1h19m28s</a><p>- The UK is trying to make banking more competitive (last 5 years has had applications for more than 5 new banks, before this there was 1 new bank in 150 years). This policy is working.<p>What remains to be seen is whether Mondo will make money in the way a traditional bank does.<p>IMO the biggest challenge for a new banks is customer acquistion, and it looks like Mondo has a pretty good handle on this.