Monzo’s chief executive and co-founder Tom Blomfield will be stepping back to take a newly created role of president, while the bank’s chief credit officer Tim Trailor is also moving to join an SME lender.
Blomfield is set to step back from leading day-to-day operations while current US Monzo chief executive, TS Anil, will become the new UK chief executive, subject to regulatory approval. Anil, who will hold both UK and US roles for a temporary period, previously held executive roles at Visa, Standard Chartered Bank and Citi.
As co-founder, Blomfield had helped oversee the challenger’s rise up until now, a point where it has 1,500 staff and four million customers.
In an interview with TechCrunch, which broke the story, Blomfield said he wanted to “spend time doing the stuff I really really love, which is community, talking to customers, helping develop the product proposition … and try to unwind my involvement a little bit in more formal regulated banking activities”.
Recently, TechCrunch also reported that Monzo had furloughed around 295 staff.
Meanwhile, chief credit officer Tim Trailor (seen above at Credit Strategy’s Credit Summit 2019) is joining Capital on Tap as chief risk officer, the business credit card provider, after two years at Monzo. He will be leading on Capital on Tap’s global expansion and development of global risk strategy moving forward.
Trailor has nearly 20 years of lending experience having worked for several high street lenders such as Barclays, Capital One and Lloyds Banking Group, as well as digital lenders such as Klarna before he joined Monzo in 2018, where he was responsible for all the lending side of the bank’s business.
He said: “I’m tremendously excited to be joining Capital on Tap. There’s never been a more important time to be supporting small and medium-sized businesses so I’m delighted to have the opportunity to contribute to that mission.”