8.6 C
New York
Monday, July 4, 2022
Home Challanger banks Monzo hires Sujata Bhatia as the new COO

Monzo hires Sujata Bhatia as the new COO

Sujata Bhatia is a former American Express executive and will replace the previous COO Tom Foster-Carter.

Bhatia’s appointment has been confirmed by Monzo, yet it is still subject to regulatory approval. She’s likely to start the COO role in late June.

Read also: Monzo shuts Las Vegas customer support office, 165 employees being let go

Prior to Monzo, Bhatia worked at American Express for nearly 16 years, most recently as Senior Vice President for Global Merchant Services Europe. Before she was Senior Vice President of Global Strategy and Capabilities, where she has lead a team of 400 people across 23 global markets.

Bhatia will join Monzo during a critical time for the challenger bank since it is as other fintech companies struck by the coronavirus crisis that is already resulting in an economic downturn. The new COO will likely need to “hit the ground running”.

 This coronavirus crisis has resulted in Monzo having customer card spend reduce, generating significantly less revenue from interchange fees. Challengerbanks have also faced download drops during the lockdown. Monzo has been the leader in the net switch between accounts in the Q4 of 2019, see more about this in the article below.

Related: Monzo has attracted most people who switched their accounts

Monzo bank has also recently applied for a US banking license yet it has shut down its Las Vegas customer support center and it will provide service for their US customers from a nigh shift UK office.

So it will definitely be a huge challenge for Sujata Bhatia to manage the COO position successfully. But then again, she is quite an experienced leader and this is likely the main reason Monzo has appointed her in the first place.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Starling Bank launched Fantasy Football game for the UEFA Women’s EURO of women’s football

Starling Bank is the national banking partner of Uefa Women’s Euro 2022 and now it is leveraging its financial heft to boost engagement by launching the first Fantasy Football game not designed for a men’s tournament.

Revolut has joined the buy now pay later market

Revolut is piloting a new 'buy now, pay later' service in Ireland beginning this week.

Klarna in conflict with Barclays over ‘Irresponsible’ Buy-Now-Pay-Later research

Klarna’s UK executive Alex Marsh has hit out at Barclays for publishing what he called “mind-boggling” and “irresponsible”.

Starling Bank has hit 3m account milestone

Starling Bank has passed the three million current account milestone, which “includes more than 460,000 small business accounts,” according to a recent update.