Monzo's Blomfield quits as CEO to become president

Monzo's Blomfield quits as CEO to become president

Monzo co-founder Tom Blomfield is stepping down as CEO of the UK digital bank, handing over the reins to US chief TS Anil and moving to the newly created position of president.

Blomfield tells TechCrunch, which first reported the news, that he decided to make the move to focus on Monzo's long-term vision, product development and working with its community of 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."

Anil will be CEO of both the UK and US operations, subject to regulatory approval. He joined the UK startup late last year to lead its US push. A 25-year financial services veteran, he was most recently Visa's global head of payment products and platforms.

He takes over as Monzo faces up to the economic fallout of the Covid-19 pandemic, which is hitting card spending and the funding scene.

Last week it emerged that the firm is looking to raise between £70 million and £80 million to see it through the disruption - at a 40% discount on its previous valuation of £2 billion.

It has already furloughed some 295 staff and closed a Las Vegas support office with the loss of 165 employees, while Blomfield is forgoing his salary for a year.

In January, Blomfield's co-founder Paul Rippon stepped down from his role at the UK challenger to farm alpacas with his wife in Northumberland.

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