Monzo has brought on insurtech founder Phoebe Chibuzo Hugh as the head of the challenger bank’s insurance division.
Hugh founded the AI-powered insurance startup Brolly in 2016. According to Crunchbase, the firm has so far raised £1.8m in funding. In 2020 the startup was acquired by Direct Line.
Monzo launched travel and insurance offerings in 2020 as part of its Monzo premium account. The fintech has brought on Hugh to further expand its insurance capabilities.
A Monzo spokesperson said: “We’re delighted to welcome Phoebe as we continue on our ambition to build Monzo into the one app customers turn to manage their entire financial lives.”
Writing on LinkedIn, Hugh said Monzo’s mission has “always resonated with me: to make money work for everyone – a concept they’ve turned from a lofty ideal into a daily reality”.
Hugh added: “The insurance industry has made some progress, but it’s been slow, and the opportunity is still as clear and compelling as it’s ever been.
“I can’t wait to take all my learnings — from starting at Aviva, to building and exiting Brolly, and working with our acquirer Direct Line Group — into this next phase with Monzo. There is no better launchpad for the future of insurance than the UK’s favourite challenger bank.”
Last week, rumours of a merger between Monzo and Danish challenger bank Lunar were dismissed by the Nordic fintech’s CEO.