8.6 C
New York
Monday, February 6, 2023
Home Challanger banks Carol Nelson hired as US CEO by Monzo Bank

Carol Nelson hired as US CEO by Monzo Bank

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.

Read also: Monzo managed to raise another £50M, joined by new Silicon Valley investor

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.

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

Recent posts

Fintech Funding Decline: The State of Fintech in 2022

Despite the decline, the fintech industry's performance in 2022 still beats its performance from two years ago, with funding increasing by 52% compared to 2020.

Partnership between Credits and Unlimint

Credits is a digital neobank that combines many financial services into one application, focusing on providing financial services for the cryptocurrency space.

UK Neobank Zopa Raises £75 Million in All-Equity Investment

The company has 850,000 customers across its different businesses and is on track to be profitable for the full year in 2023, the first time since its founding 17 years ago.

UK SMEs Lean on Business Finance and Credit for Growth and Sustainability

As interest rates remain high, borrowing will continue to play a significant role in helping these businesses achieve their goals.