[pbsk]

from their FAQ[1]:

"What will you do with my money once you're a bank?

In year 1, a very small proportion of your money will be lent to private individuals in the form of unsecured personal overdrafts. The rest sits in cash at the Bank of England. In the future, we will do more personal lending and invest some of the money in UK government bonds."

Until they get their banking license, they're just offering rebranded pre-paid debit cards from Wirecard. From the FAQ: "We have given out the initial batch of 500 Mondo Alpha cards." "In total, we’ve got 3,000 limited edition “Mondo Alpha” cards to give out over the the next three months or so."

[1] https://getmondo.co.uk/faq/