UK digital challenger bank Mondo announced its new name – Monzo – via a live stream on YouTube last night. The bank was forced into the move after ‘Mondo’ was legally challenged by an undisclosed company with a similar name.

The startup bank asked the public to send in their name suggestions, and they responded with more than 12,560 ideas. Monzo was suggested by six people, who will each receive a hoodie and be the first holders of the newly-printed Monzo cards.

Tom Blomfield, CEO of Monzo, explained that the new cards were already being printed and will be sent out to users in the coming weeks. All existing Mondo cards will continue to work as usual, while the new Monzo debit cards are expected to launch with the bank’s current account early next year.

During the unveiling of the new name, Blomfield also provided an update on the bank’s app and plans for the coming months. There are now more than a quarter of a million people signed up to the app-linked Mondo card, with 35,000 cards activated across 140 countries.

The bank has now introduced new features for customer trips abroad – which recognise and welcome users to wherever they are in the world, provide customers with instant exchange rate information and supply travel spending reports when they arrive home.

Budgeting functionality has been rolled out, allowing users to set goals and limits on their spending within the app, while Blomfield also revealed that Monzo for Android will launch into public beta for the first time next month.

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