With this move, Blomfield takes part in the process of clearing the path for the new CEO TS Anil and moving into the role of President.
This information comes from Companies House filing as the termination of Blomfield’s board position occurred on 17th June 2020.
Read also: Monzo’s valuation drops by 40% to £1.25B as it sealed a £60M funding round
Tom Blomfield was with the UK challenger bank from the beginning as the co-founder and the CEO. Now he is moving to the newly established position of the President to focus on the longterm vision of the company.
According to TechCrunch, the current Monzo US CEO, TS Anil will replace Blomfield in the position of the UK CEO, while keeping the US position at the same time.
TS Anil was assigned as a leader for the Monzo’s US push. He has 25-year financial services experience, previously he was Visa’s global head of payment products and platforms but he has also worked for Citi, Capital One, and Standard Chartered.
“Honestly nothing fazes TS. He really can handle high amounts of stress and never shows it. I watched him transform a business and lead through the financial crisis,” Meghan Connolly, who worked under Anil at Standard Chartered told Sifted.
Read also: TS Anil, the new CEO of Monzo
Monzo has been hit hard by the COVID-19 crisis. The paper value of the challenger bank dropped from £2.0 billion to £1.25 billion as it has confirmed it has closed a £60 million in top-up funding during the last month.
Monzo bank was also forced to make job cuts of 80 positions as TS Anil explained that the current economic situation isn’t expected to revert back to normal quickly. The goal of the new CEO is to make Monzo cashflow positive by 2021.