Crowdsourcing name development…about as smart as soliciting design on spec. The following notice via BI Intelligence.
MONDO BECOMES MONZO: The UK digital-only bank, which was approved last week to test its services with live customers, has announced its new name — Monzo. The firm was forced to change its name due to a trademark dispute over its original moniker. In keeping with the company’s philosophy, ideas for a new name were crowdsourced, with the prerequisite that suggestions had to start with an “m” — in order to make rebranding easier. The bank has already registered new domains and Twitter handles under the Monzo name, and all new users will receive Monzo-branded cards. Existing users’ Mondo cards will continue to work as normal. At the rebrand launch event, Monzo announced that it now has 30,000 users and around 200,000 people signed up to a waiting list. Meanwhile, there’s been evidence of rivalry between Monzo and other new UK digital-only banks — as Starling, which has yet to launch, bought the domain getmonzo.co.uk ahead of the announcement and used it to redirect people to its own homepage.
Other names considered, according to Finextra included Banky McBankface and Mayonnaise. You get what you pay for.
Meanwhile, mobile banking company Monizo had something to say about it:
— Monizo (@GoMonizo) August 25, 2016