Carol has previously worked as Monzo’s strategic adviser, and from now on she will lead the American expansion for the digital bank, also being the first female chief executive officer.
Her previous experiences include over 20 years as a Bank of America executive, CEO/President/Director of Cascade Bank, CEO of the Washington State Department of Revenue, and more.
Monzo has recently confirmed an extension of its Series G funding round, raising £50 million from San Francisco-based venture firm, Octahedron Capital among existing investors.
While Monzo has a wide customer base with almost five million people being subscribed in the UK, just about 20,000 people have reportedly signed up to the bank’s waiting list in the US.
Nelson takes this position after the previous US CEO TS Anil has become the CEO of Monzo as such while co-founder and ex-CEO Tom Blomfield stepped down from the position a departed Monzo Bank.
“By applying to be one of the first new US banks in a decade, we’re aiming to provide Americans with a better banking alternative. Monzo will be fair, transparent, and will bring many of the features that our UK customers love to the US market.” TS Anil said when he was US CEO.
However, Monzo Bank’s losses jumped from £47.2m to £113.8m in 2019 amid a hiring spree, marketing and US expansion. With TS Anil as CEO, the bank focuses more on premium Monzo products.
It claims to have about 100,000 customers who use its premium account options, Monzo Plus and Monzo Premium.