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Friday 22 May 2020

Monzo's founder makes way for a new CEO

MonzoFollowing recent reports that digital bank, Monzo, is in the throes of a major fundraising effort (see: Monzo finalises plans for £80m cash call), founder Tom Blomfield has stepped down from his role as CEO.

It has been announced that TS Anil, who currently heads up Monzo’s US operations, is set to replace Blomfield as CEO, with the bank’s outgoing leader stepping into the newly created position of President. Prior to his appointment in December 2019, Anil held senior banking roles within Citi and Standard Chartered and most recently spent 4 years with payments giant, Visa. He will no doubt bring a wealth of operational financial services experience to his new role.

Having left Oxford University in 2008, equipped with a master's degree in Law, Blomfield has spent the last 5 years helping Monzo to develop into one of the UK’s leading challenger banks. The bank has enjoyed strong growth since its foundation in 2015 and Blomfield’s entrepreneurial drive has helped establish it as a significant force in financial services marketplace. Monzo currently boasts around 4m customers and more than 1,500 staff.

The challenges of operating in a heavily regulated industry and running a major global bank, do however require a particular skill set and also perhaps, a different sort of energy. The resume of Blomfield’s successor appears to indicate that he possesses the right sort of acumen for dealing with the regulators and overseeing an increasingly large corporate structure.

In all my interactions with founders and fintech entrepreneurs to date, the thing that typically impresses me most is their vision and drive. Although I don't know Tom Blomfield personally, I suspect that his own energy and other admirable qualities may now be far more valuable focused elsewhere, rather than as the operational head of a “big” bank.

Posted by: Jon C Davies

Tags: banking   FinTech  

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