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Monzo co-founder steps down from CEO role

Monzo’s co-founder Tom Blomfield has decided to step down from his role as CEO in order to become the challenger bank’s first president.

Blomfield told TechCrunch he has considered a transition for about 18 months, wanting to spend more time on elements of his role he enjoys more, including focusing on the longer-term vision for the neobank.

Stepping into his shoes is TS Anil, the current CEO of Monzo US. Subject to regulatory approval, he will hold both the US and UK roles and be in charge of the day-to-day running of the bank.

Speaking to the news outlet, Blomfield said he hopes to spend more time focusing on community, talking to customers, develop products and the band’s long-term vision.

Tom Blomfield, CEO, Monzo

Tom Blomfield will become president of Monzo

“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 is awesome at.”

The formal decision was taken recently, despite considering it for several months.

Anil has previously held exec roles at Visa, Standard Chartered Bank and Citi, with experience in dealing with regulators and overseeing a large corporate structure within banking and financial services. He and other country-specific CEOs in the future will focus on “the more regulated aspects” of running Monzo.

The change in Monzo’s leadership comes just days after reports that the challenger has had to sell shares at an almost 40 per cent discount due to pressures related to the pandemic.

In a difficult period for many FinTechs, Monzo is said to be close to agreeing a deal that will value the company at around £1.25 billion, down from its previous valuation of £2 billion. It has also furloughed 295 employees and closed down its Las Vegas office, resulting in 165 job losses.

However, the company is moving ahead with its US banking license and business banking services.

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