Tom Blomfield Steps Down as Monzo CEO
The fintech entrepreneur has announced his intention to leave the bank’s day-to-day operations to its new US CEO.
Tom Blomfield will step aside from executive leadership of Monzo, a smartphone-based digital challenger bank, and enter the newly created role of president.
Taking his place is Monzo’s newcomer US CEO, TS Anil, who joined the company at the end of 2019. His former position was Global Head of Products and Platforms at Visa, and he brings more than twenty-five years of experience in payments for multinational corporations.
Blomfield has long been a big name in the UK financial scene, having founded the startup payments fintech GoCardless in 2011, which went on to raise $25 million. He later joined Starling Bank during the company’s early years, and co-founded Monzo in 2015.
Blomfield also made the Sunday Times Rich List earlier this month, ranked number 858 with a stake in Monzo valuated at £140 million.
In 2016, prior to Monzo’s first crowdfunding round, Blomfield explained his vision for the company. “We’ve been called a bank for people who hate banks. We’re using the power of the smartphone to put our customers back in control of their finances,” he said.
“You can see exactly what you’re spending in seconds, from anywhere in the world. Sending money to friends or splitting bills is as easy as a single tap.”
The bank’s crowdfunding campaign was a runaway success, receiving £1 million from investors within its first 96 seconds.