Monzo co-founder Tom Blomfield steps down as UK CEO to take up the newly created role of president, according to market sources.
TS Anil, currently US CEO, will become the new “Monzo UK Bank CEO,” subject to regulatory approval, and for now will hold both UK and US roles.
A 25-year financial services veteran, Anil previously held senior positions at Visa, Standard Chartered Bank and Citi, and brings extensive banking and financial services experience to his new role.
In his new president position, Blomfield will be able to focus more on Monzo’s long-term vision, product and working with customers.
“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. 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 is awesome at,” Blomfield told the sources.
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The move comes at time in which Monzo faces up to the economic fallout of the Covid-19 pandemic, which is affecting card spending and the funding scene.
According to a news report from last month, Monzo saw 165 customer support staff in the US lose their jobs. A few weeks earlier, the bank furloughed up to 295 staff under the UK’s Coronavirus job retention scheme.
Additionally, the senior management team and the board volunteered to take a 25% cut in salary, and co-founder and CEO Tom Blomfield decided not to take a salary for the next 12 months, the report said.
Last week, it was reported that Monzo is closing in on £70-80 million in top up funding, to help extend its coronavirus crisis runaway. However, the company has reportedly had to accept a 40% reduction in its previously £2 billion valuation as part of its last funding round last June, with a new valuation of £1.25 billion.
In January this year, Blomfield’s co-founder Paul Rippon stepped down from his role at the challenger bank to pursue an alpaca business.
Earlier this month, Monzo has hired Sujata Bhatia, a former American Express executive in Europe, as its new COO.