From what I’ve heard Tom say in interviews, the main reason they liked the name was because it means “world” in different languages (eg. Mondo in Italian or Monde in French). In one interview he also mentioned that Mondo means “awesome” in surfer slang.
That was my view on it as well
When Ford launched their second “world car” (i.e. available in multiple regions) they went for Mondeo with much the same thinking
“Monzo, originally called “Mondo”, rebranded to its current name following a copyright dispute with Monedo, a unit of the Hamburg-based company, Kreditech Holding SSL GmbH (“Kreditech”) in 2015. The dispute was subsequently resolved in June 2016 and Monzo entered into a Trade Mark Purchase and Assignment Agreement with Kreditech on 9 June 2016 under which it sold the “MONDO” trade mark (UK trade mark no. 3107527) and associated domain names to Kreditech for €10,000. Monzo was permitted to some limited and temporary continued use of the “MONDO” trade mark and associated domain names for the purposes of phasing out the use of the trade mark and rebranding to Monzo. The trademark assignment form was filed with UKIPO on 27 July 2018. An amendment agreement was signed on 21 September 2017 allowing Monzo to continue to use the getmondo.co.uk domain name for non-public purposes for a period of one year from the date of the amendment agreement, due to technical constraints experienced by Monzo. Monzo has ceased all other use of the “MONDO” trade mark and associated domain names. Monzo has switched over to an api.monzo.com domain during this extension period and the only remaining use of “getmondo.co.uk” is the receipt by employees of Monzo - who were employees when “getmondo.co.uk” was active - of email communications.”
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