Monzo plots move into pensions market

Monzo plots move into pensions market

UK digital bank Monzo is plotting a move into the pensions market, recruiting for a product manager to steer the bank's retirement proposition.

The new recruit will join Monzo's savings and investment team, a new unit that is guiding the bank's push into the more lucrative wealth management market.

Despite posting a loss of £116 million for FY23, Monzo in May reported 2.3x growth in revenue and said it had moved into profitability for the first time in the first two months of the new financial year. The bank is exploring its options to push the dial on profitability and for expansion across Europe through a possible combination with a neobank with an established market share - Nordic bank Lunar has been floated as one prospect.

The new pensions product manager will "lead a multidisciplinary team to launch and scale Monzo’s pensions products", with a starting salary of between £75,000 - £100,000.

States the job ad: "You will be focussed on understanding key customer pain points and problems when it comes to retirement, ensuring the team has clear goals and objectives, empowering the team to make decisions quickly and making sure those decisions are executed successfully."

The successful candidate will be expected to define a long-term product strategy for the pensions business and collaborate with external partners to meet its aims.

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