8.6 C
New York
Monday, May 27, 2024
Home Challanger banks Anne Boden addresses the crisis in Starling which created Monzo

Anne Boden addresses the crisis in Starling which created Monzo

In Boden’s new book Banking On It, Starling Bank CEO revealed her version of events that took place back in 2015, which lead to the rise of Tom Blomfield’s Monzo bank.

Read also: Kevin Albrecht, CEO, and co-founder at Swedish Fintech P.F.C. interviewed by Everly.eu

An extract from her book was released last week in The Sunday Times and Boden describes how Blomfield, who was the CTO at Bank Possible (previous version of Starling), launched a coup in February 2015.

“Tom Blomfield, Gary Dolman (who would later become Monzo’s CFO), and Jason Bates (who would later co-found 11:FS) met with Eileen Burbidge and Stefan Glaenzer at Passion Capital and agreed on a deal. Tom made it clear that he was not able to work with me.”

“It was all such a shock. Somehow Tom had taken my place—Passion Capital was in and I was out.”

According to Boden, Blomfield and others pushed for her to take responsibility for all of Starling’s debts, which at the time included more than £1m owed to KPMG and PwC.

Boden has declined this, so Blomfield and the rest departed to start Monzo. However, this left Starling Bank “staff-less, un-investable, and heavily indebted”.

“This was Starling’s near-death experience. At the time, I had no way of knowing if it was one stage further than that. Whichever way I looked at it, I was effectively back at square one,” writes Boden.

Boden’s second book will be published on 5th November by Penguin Business.

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

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.