Digital banking: Mondo hopes to become the Google or Facebook of the sector

Tom Blomfield's Mondo is one of a number of new startups hoping to tap into customers' increasing use of digital technology as branch use falls steeply

It was 21 May, and a historic moment for Tom Blomfield. Stood at a cash machine in Clerkenwell, central London, the ambitious young entrepreneur withdrew money from a brand new account with a new bank at which he was the only customer.

Five weeks later, Mondo has 30 customers testing its prototype account. Blomfield - a former management consultant now on his third business startup, all before the age of 30 - said a crunch meeting with the Bank of England on Wednesday would determine whether Mondo gets the formal go-ahead to apply for a banking licence. The full process would take another six months.