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Monzo co-founder steps down as UK chief executive and becomes the bank's president

TS Anil, the bank’s US chief executive, is said to take over Blomfield’s CEO role

Tom Blomfield is stepping down as UK chief executive of Monzo, the digital bank he co-founded and will now serve as Monzo’s president.

Blomfield said that he hoped his new role would give him the ability to “try to unwind [his] involvement a little bit in more formal regulated banking activities” while “[engaging with] community, talking to customers, helping develop the product proposition [and] long-term vision”. 

TS Anil, the bank’s current US chief executive, is said to take over Blomfield’s role as well as continuing with his own, subject to regulatory approval.

Monzo was launched in 2015 and went on to double its valuation in a 2019 fundraising to just over £2bn. However plans to raise money from new investors this year have been affected by the coronavirus crisis, while the lockdown and steep fall in international travel have also caused a decline in transaction fees. 

Earlier this month, Monzo was facing a drop in valuation of nearly 40 per cent in its latest funding round. The bank is aiming to raise between £70m and £80m to secure its cash position into the second half of next year. 

In March, Blomfield said that he would sacrifice his salary for a year in order to bolster the company’s balance sheet. Monzo has also furloughed some of its employees and closed its US customer service office, even as it has applied for a US banking licence. 

Blomfield’s shift comes in the same week that Tim Trailor, Monzo’s chief credit officer, left the company after two years to join lender Capital On Tap as chief risk officer.

FURTHER READING: UK banks prepare for regulator to order £7.5bn dividend freeze 

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