Banking app Mondo is rebranding to Monzo

London banking startup Mondo has announced that it is changing its name to Monzo after a trademark dispute forced it to rebrand, the company said at a livestreamed event on Thursday evening.

Monzo is one of London's most high-profile financial technology "fintech" startups following a record-breaking crowdfunding campaign that saw the company raise £1 million in just 96 seconds.

The company issues debit cards that are linked to an app which allows people to manage their money on the internet and send funds to other Mondo users. It has no high street branches, but secured a restricted banking licence from regulators earlier this month.

Monzo - then Mondo - announced in June that it was planning to rebrand after an unnamed company challenged Mondo's trademark. It agreed with the company in the dispute that a change of name would end the legal challenge, and called on Mondo customers to suggest names beginning with "M." "It's annoying but I think in two or three months we'll have forgotten that we were ever called Mondo," CEO Tom Blomfield said in June. "It's an empty vessel that you bring meaning to."

Domain registrations, Twitter accounts, and trademark filings seen by Business Insider earlier this week showed that Monzo has been considering alternative names such as Milo, Mido, Motion, and Meldo.