Mondo is one of several new challenger banks working on an app-only model for the new generation of people who rely on their smartphones for products and services, providing alerts when people are getting close to their overdraft limits, for example.

Founded in 2015 by Tom Blomfield, Mondo is in alpha test mode, with 2,000 customers and a further 30,000 on the waiting list. It plans to launch its app later in the year when it gets its banking licence.

“We are targeting a demographic that values being able to do everything over a mobile phone in five seconds,” Blomfield told Bloomberg last year.

The brand is backed by £7m in funding from Passion Capital and has ambitions to be as large as Facebook or Google. Its funding comes amid a wave of investment into digital-only banks launching in the UK – the government has plans to grant 15 new banking licences over the next five years.