Monzo brings in industry vet Hoffman as chairman

Monzo brings in industry vet Hoffman as chairman

UK app-based bank Monzo has a new chairman: Gary Hoffman, an industry veteran who steered Northern Rock through its emergency bailout a decade ago.

As first reported by Sky News, Hoffman is replacing Labour peer Denise Kingsmill, who has chaired the challenger since its founding.

Monzo has established itself as one of the most successful of the new breed of challenger banks to have emerged in recent years.

In October it joined the unicorn club on the back of an £85 million funding round and has shot past the one million customer mark, claiming to own 15% of all new current accounts opened each month in the UK. However, the strong customer numbers have yet to translate to profits.

Hoffman is already chair of Hastings Insurance and Coventry Building Society and is a former CEO of Barclaycard and vice chairman of Barclays.

In 2008 he was parachuted in to steer Northern Rock through the economic crisis, when it became the first UK bank in a century to experience a run on deposits.

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