Monzo’s founder Tom Blomfield steps down amidst pandemic ‘struggles’

By Megha Bhattacharya

UK-based challenger bank Monzo’s founder Tom Blomfield is reportedly quitting the company at the end of the month, according to media reports. He held the position of the CEO till last May, post which he assumed the newly created role of president. He was replaced as chief executive last year by TS Anil, a banking veteran with experiences at Citi, Standard Chartered, Visa, and Capital One. The decision to depart the challenger bank will see Blomfield leave his day-to-day operations at the bank, but he will be retaining a stake in the business.

Blomfield told TechCrunch, “I’m very happy to talk about what’s gone on with me, because I don’t think people do it enough”, he said. “I think [for] a lot of people in the world, going through a pandemic, going through lockdown and the isolation involved in that has an impact on people’s mental health. I don’t think I was any different, so I was really struggling. I had a really, really supportive exec team around me and a really supportive set of investors on board and I was really grateful that when I put my hand up and said, ‘I need help,’ they were super receptive to that”.

Reports stated that Monzo now has almost 5 million customers, up from 1.3 million in 2019. Its total weekly revenue is now 30% higher than pre-pandemic, helped no doubt by over 100,000 paid subscribers across Monzo Plus and Premium in the last five months.

Recently, Monzo announced the launch of Monzo Premium. The new account comes with a metal card and is expected to offer phone insurance and worldwide travel insurance to customers. Along with this, the new account will also provide 1.50%/1.49% AER/Gross (variable) interest on up to £2,000 in the user’s balance and regular Pots, for £15 a month, with a 6-month minimum term. Users have to be aged 18–69 to sign up for Monzo Premium.