Mondo bank is changing its name and they are letting you choose it

Due to a trademark infringement claim Mondo, a startup bank based in the UK founded in 2015, is having to change their company's name. They have now called on the general public to help them pick out a suitable brand name.

Despite completing a trademark check before deciding on their current name, Mondo failed to identify the infringement.

This is not the first time that this company has been involved in a case of trademark infringement. Mondo received a cease-and-desist letter from Simple, an online bank based in the US, before they had even started using the trademarked term ‘Safe to Spend” commercially.

According to the Tech Insider, Mondo’s founder Tom Blomfield decided to change the company’s name rather than fight for it in court as they have “...better things to be doing like getting the banking licence, fully launching (and) making a product that people love.”

Regarding the startup’s decision in allowing their customers to help choose their new brand name, Blomfield stated “As with everything we do, we’re going to try and involve the community… hopefully we won’t end up as Banky McBankface”.

Due to the fact that public polls such as this can very quickly go awry, the company has already stated that they will have the final say on their new name and that it will also be subject to a trademark check.

The company is accepting suggestions for their new name on Twitter via the hashtag #NewMondo and have stated that they are only accepting suggestions beginning with an M as they ideally don’t want to have to change their branding.

Companies should do their research and complete a comprehensive search into their chosen marketplace before launching a brand to ensure that they will not infringe upon another company’s existing brand. By taking this important step companies can reduce the likelihood of costly court cases and the risk of having to rebrand, like Mondo, due to trademark infringement.

Although many companies have successfully changed and adapted their logos as their companies, it should also be remembered that if you change your logo you will also need to file a new trademark application. It can be very easy to forget to do this but not doing so could result in significant financial and IP losses for your company  and will lead to the loss of your trademark protection.

For advice and more information on searching, acquiring, registering and enforcing Trademarks please visit our website, http://www.lipex.com.

Our unique database of trademarks for sale or license could save you time and help protect your brand.