Leading digital bank
Monzo today announces the appointments of Tom Oldham as Group Chief Financial Officer, subject to regulatory approval, and Mark Newbery as UK Chief Financial Officer. The appointments further strengthen Monzo’s executive team as the business continues to grow and scale, making strides on its ambition to become the one app customers use to manage their entire financial lives.
As Group CFO, Tom will oversee the overall financial strategy, global financial operations, investor relations and financial planning for the entire organisation. Mark, as UK CFO, will focus on financial strategy, control, performance and balance sheet management specific to its UK operations. They join at an incredibly exciting time for the business as it grows at pace and powers forward with expansion plans in the US and Europe.
2024 has been a year of significant growth and milestones for Monzo. Highlights include:
- 1 in 5 UK adults and 1 in 16 businesses now bank with Monzo, with the company serving more than 11m total customers
- Achieving its first full year of profitability, following a year of record growth with revenues up 2.5x and an 88% increase in deposits in the last financial year
- Increasing the company’s valuation twice this year, most recently as part of an employee secondary sale which took it to $5.9bn (£4.5bn)
- Multiple successful product launches over recent months such as Monzo Pension, Monzo for Under 16s, new subscription plans and a trio of industry-first security features
- Plans to expand into Europe via a gateway in Ireland and continued expansion in the US
Tom brings extensive experience in driving growth and innovation, having most recently served as Chief Investment Officer at Mombak, a fund manager focused on generating carbon credits. Prior to that, he was part of Nubank’s leadership team as the Global Head of FP&A and other areas of finance during a transformative period of hypergrowth and Nubank's IPO. Mark brings a wealth of experience in finance and strategy, having most recently served as CFO for Investment Banking at Barclays and previously for its Consumer Banking and Payments division and UK Retail Bank. Mark joined the company in October and Tom will join in the new year.
TS Anil, Group CEO, Monzo, said: “I’m thrilled to welcome Tom and Mark to Monzo as we scale at pace, deliver groundbreaking products and continue to raise the bar on the rest of the industry—and most importantly, on ourselves. Their appointments are yet another example of us truly bringing together the best of banking and technology in pursuit of our mission to transform the financial lives of millions of people in our home market and beyond.”
Tom Oldham, incoming Group Chief Financial Officer, Monzo, said: “I’ve been a Monzo fan for years, so I'm excited to be joining this brilliant team as the company goes from strength to strength, with customers at the heart of its strategy, in the UK and beyond.”
Mark Newbery, UK Chief Financial Officer, Monzo, said: “I’ve long admired Monzo for its customer focus and passion. In a short space of time, Monzo has become a UK household name, improved the financial lives of millions and transformed how banking is done; there’s so much more in our sights.”
Gary Hoffman, Chair of the Board of Directors, Monzo, said: "We believe every part of the world needs a Monzo. Tom’s exceptional track record of scaling businesses in fast-moving industries, combined with Mark’s experience from leading financial institutions, will help us further expand and innovate. I’m excited to work with both of them as we continue to turn our vision into a reality.”
