Monzo has bolstered its leadership with two new C-suite hires.
The UK digital bank announced it has appointed former exec at Brazilian neobank Nubank Tom Oldham as Group CFO while drafting in former Barclays investment banker Mark Newbery for the role of UK CFO.
Oldham will oversee the company’s global financial strategy as it expands across Europe and into the US while Newbery will focus solely on its UK financial operations. Oldham was previously global head of financial planning and analysis at Nubank when it listed on the New York Stock Exchange.
That experience is likely to prove useful as it prioritises growth, and will stoke rumours that the digital bank is readying itself for a public listing.
“We believe every part of the world needs a Monzo,” said Gary Hoffman, Monzo’s board chair. “Tom’s exceptional track record of scaling businesses in fast-moving industries, combined with Mark’s experience from leading financial institutions, will help us further expand and innovate.
Monzo making moves
Since its founding in 2015, Monzo has grown to become one of the UK’s largest neobanks with over 10m customers and £11.2bn in deposits. Starting as a basic current account product with a prepaid card, it’s expanded into stocks and shares, buy now, pay later and is currently introducing a pension product. Last month, it was valued at $5.9bn in an employee share sale.
The new hires come after the neobank reported profitability for the first time this summer. The fintech is also in the process of setting up an Ireland office and recently moved a team of executives there to head up its division in the country. Last year, it also hired former CashApp head of product Conor Walsh to spearhead efforts in the US.
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