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May 21 2020

Monzo bank’s Tom Blomfield quits as CEO

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Tom Blomfield was with the UK challenger bank from the beginning as the co-founder and the CEO. Now he is moving to the newly established position of president to focus on the longterm vision of the company.

According to TechCrunch, the current Monzo US CEO, TS Anil will replace Blomfield in the position of the UK CEO, while keeping the US position at the same time. This move is still subject to regulatory approval.

Anil was assigned as a leader for the Monzo’s US push. He has 25-year financial services experience, previously he was Visa’s global head of payment products and platforms but he has also worked for Citi, Capital One, and Standard Chartered.

With the recent news about Monzo seeking funding and its drop of valuation, this move could be seen as a step forward in a time of crisis. See more about this in the article below.

Read also: Monzo valuation drops by 40% as it seeks funding

Tom Blomfield himself commented on this: “I went through all the stuff I love about my job, and it was all the stuff I did in the first two or three years,” he said.

“And I went through all the stuff that drains me, and it’s all the stuff I’ve done in the last two years, honestly. Things I think TS Anil is awesome at,” he added.

Monzo has also had to furlough 295 members of staff and it has shut down its Las Vegas customer support center with 165 staff being discharged completely.

Read also: Monzo shuts Las Vegas customer support office, 165 employees being let go

Monzo today has over 4 million UK customers and it raised over £300m in funding. It was also the banking company that received most net switches (new customers minus lost customers) in Q4/2019.

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