Disclaimer: I'm seriously considering investing in this. There was a very good talk about their back end infrastructure at NDC London that makes me confident in their tech chops. Some of the value add concepts on their website look really useful for attracting customers.

Crucially I'm aware of just how much legacy cruft is holding back more established retail banks. In the same way that things like newer airlines can offer much better customer service at cheaper rates than the established competition Mondo seems to have real potential to disrupt and innovate. Plus there is a still a significant anti-banker mood where being a retail only operation could be of significant benefit.

Finally banking has a pretty high barrier to entry, Mondo seems to have the backing and management experience to get a licence. However it isn't something that loads of Uber for X types or Samwer-esque clones can spring up overnight.