The UK challenger bank Monzo recently hit the headlines as it reached a milestone of 5 million customers. Now, the company is once again in the news as it appointed a new US CEO to head its efforts state-side.
Carol Nelson replaces TS Anil
The new Monzo CEO Carol Nelson spent a decade as the CEO of Cascade Bank. Previously, she was the senior vice president at Bank of America. Also, she has been Monzo US’ strategic advisor as well for over a year, making her already familiar with the ambitions and general culture of the bank in the US. From next week, Nelson will take her role as the CEO.
Nelson replaces TS Anil, the current Monzo UK CEO. Both held CEO titles temporarily the company’s founder Blomfield relinquished CEO duties in order to become its president in May.
Ambitious to grow in the US
The details of Monzo’s ambitions to grow in the US broke in early 2019. Since then, the challenger bank and fintech unicorn has only seen a tentative soft launch, which is similar to its early UK beta. Talking about the US team, there are nearly ten people now as the bank works via its US banking charter application. Also, it supports only a limited pool of customers in the US.
Post pandemic, Monzo will operate from its US headquarters in San Francisco. Early in 2020, Monzo shut its Las Vegas customer support office. The satellite office was meant to serve UK customers overnight and separate the US plans.
All set to close £50M funding
The appointing of a new U.S. CEO comes soon after Monzo is said to be reportedly raising further top up funding of £50M, as per Sky’s Mark Kleinman via a tweet and additional information from Business Insider. The terms of this deal are said to be similar to that of its recent Series G funding round. Notably, the existing investors Novator, and Kaiser along with a new investor Octahedron Capital appear to have contributed to this round.