Monzo has been chosen as the bank’s new name after it was forced to change it following a legal challenge from an undisclosed company.
The news comes after Monzo was granted a restricted banking licence from the Financial Conduct Authority as well as revealing plans to launch a £20m crowdfunding campaign.
Monzo asked the general public to help it decide its new name just over two months ago, which attracted 12,560 suggestions from over 10,000 people.
“We’ve been combing through the names and working closely with our legal team to find one that we love and that we feel confident keeping for the next 100 years, which hasn’t been easy,” Monzo stated.
“Monzo was suggested by six wonderful members of our community: Kamilla, Ashley, Martin, Matthew, Chris and Jason.”
The winners who chose Monzo will now receive branded hoodies as well as the first six Monzo cards ever printed.
The bank will now be moving everything over to its new name with its website becoming monzo.com and its twitter handle changing to @monzo.
“We’re printing Monzo cards now which we’ll start sending out to new users in a few weeks.
“All existing Mondo cards will continue to work as usual (as well as becoming rare collectors’ items!) and when we launch our current account and debit cards early next year, you’ll receive a brand new Monzo debit card too.”
The challenger bank has seen over £20m spent via its card since launching while it managed to crowdfund £1m in 96 seconds in March this year.
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