Five years on from co-founding Monzo, UK CEO Tom Blomfield has stepped down to take up a new role as President.
Monzo has always presented itself as customer-centric. Staying directly in touch with its users wants and needs is arguably one of the reasons it has been so successful in the UK. As the challenger bank moves from startup to firmly rooted contender in the UK’s banking industry with over 4.2mn users, Blomfield’s move seems like a sensible one.
The role change will allow him to invest his time in the things he enjoys most. But more importantly flourish at what he is best at: concentrating on product and serving its growing customer base, while focusing on long term business goals.
Stepping up to take his place as UK CEO will be TS Anil, current US CEO - he will hold both roles for now. With over 25 years experience, and seasoned with past exec roles at Capital One, Citi, Standard Chartered Bank and Visa, Monzo UK is in safe hands.
“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. 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 is awesome at.”
- Tom Blomfield speaking to TechCrunch
Monzo and coronavirus
It’s no secret that banks and businesses alike have had to adapt during the COVID-19 pandemic, Monzo is no different. It has seen 195 US customer support staff lose their jobs, and under the UK’s Coronavirus Job Retention Scheme, up to 295 UK staff have been furloughed. Furthermore, senior management and the board have volunteered to take a 25% cut in salary, with Blomfield himself choosing not to take a salary for the next 12 months.
On the brighter side and despite everything, Monzo is still putting customers first by offering interest caps on overdrafts, 3 month payment breaks on loans, and providing a host of resources for personal and business account holders.
We don’t think this digital bank or its hot coral cards will be going anywhere.
Did you know?
In 2016 Monzo held its first round of funding, and at only a year old raised a record-breaking £1mn in 96 seconds!