Mobile-first banking service Mondo is being forced to change its name following a trademark dispute, and has taken the unusual step of letting its customers choose what the service should be called.

The company claims it carried out a trademark check on its name before setting up, but the check failed to register the conflict with another company, who cannot be named for legal reasons.

“It can be painful to change the name of a product, but – being the optimists we are – we think this is a great opportunity to come up with something even better,” said Bailey Kursar, head of marketing at Mondo. “Our commitment to transparency means wed love your help finding something that will represent us from now on.”

The company has set a number of rules to help guide the search and the submissions process. The new name should start with the letter m in order to allow the firm to retain its current logo, should represent the company, and work across different languages and cultures. The company also ruled out Banky McBankface as a potential name, referencing the public vote for the polar research vessel that was eventually named the RRS Sir David Attenborough.

The final decision on the name will rest with the company and will follow an internal approval process, but the firm hopes that in soliciting ideas from the public, it will reinforce the brands transparency and build a relationship with both existing and potential customers.

Mondo is currently in public beta, with a waiting list of over 130,000 people who have applied for one of its pre-paid credit cards, which work in concert with the firms app to track your spending. The company is awaiting a full banking licence from UK regulators to expand its services.

Around 25,000 cards will have been issued by the time the firm changes name, but the company would be forced to re-issue all its cards when it becomes a full bank anyway, and transitions to issuing full debit cards rather than pre-paid versions.

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