Friday, 21 August 2015

A Bank for People Who Hate Banks

From Bloomberg Business –

“On a sweltering afternoon in July, Tom Blomfield emerges from Bank of England offices in the heart of the City of London and promptly sheds his suit jacket. Blomfield, the 29-year-old, bearded CEO of Mondo, a startup smartphone bank that’s applying to operate in the U.K., isn’t the suit-wearing type. He’s eager to get back to his Clerkenwell workspace for a beer to celebrate Mondo’s surmounting a big hurdle in its quest for a banking license.

Blomfield and his team have just spent two hours getting grilled by eight regulators from the Bank of England and the Financial Conduct Authority, Bloomberg Markets magazine reports in its October issue. The officials quizzed them on how Mondo will attract customers and remain financially viable. After poring over Mondo’s 250-page submission, which included details of its capital and liquidity plans, the group pressed Blomfield on why he wanted to run a bank. “They said he didn’t look like a typical banker,” recalls Mondo Chairman Denise Kingsmill, who, as a member of the House of Lords and a former deputy chairman of the U.K.’s Competition Commission, added a touch of gravitas to the presentation.”

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