Only, Mondo isn't even a bank, yet. From the FAQ [1], "your money will be held in a separate, protected account by Wirecard, our issuing bank".

As Matt Levine keeps pointing out [2], "Tech businesses trying to disrupt finance tend to think that they are solving a technical or data or customer service problem, but the problems of finance are always and everywhere regulatory problems."

[1] https://getmondo.co.uk/faq/ [2] http://www.bloombergview.com/articles/2015-06-19/bitcoin-buc...