Former Monzo President and CEO Tom Blomfield has found his next gig after stepping away from the challenger bank earlier this year. Now, Blomfield will serve as a Board Member for Generation Home, a UK-based fintech company looking to disrupt the traditional homeownership model for first-time buyers, according to TechCrunch.
This is Blomfield’s first new role since he relinquished his position at Monzo, which he created in 2015, as well as his first board position at a startup. Blomfield notably left Monzo in search of a new challenge and credited burnout and the desire to get back to his entrepreneurial roots as reasons for his decision.
Generation Home is fresh off of a $30.4m Series A fundinground, which it closed in June 2021. Led by CEO Will Rice, the platform allows family members to contribute money as an equity loan to help young buyers afford their first homes.
Blomfield told TechCrunch, “I’ve had experience with this and a lot of people actually mean it as a loan and they intend to get that money back. But mortgage lenders make you sign a piece of paper saying this is an absolute gift. So hundreds of thousands of parents around the country are basically committing a – well-intentioned – fraud to help their kids get on the property ladder.”
“So what I loved about the Generation Home product is that they’ve got this new legal structure where parents can effectively lend that money towards the deposit, but it’s structured as a loan if they want it to be," Blomfield continued. “They have the right to get their money back eventually without having to lie. So that’s one thing that really really attracted me to the company. It’s just so so relevant to everyone, and people are just kind of blind to this problem.”
Blomfield also drew parallels between Generation Home’s mission to simplify the process and provide flexibility for consumers and Monzo’s goal, which was likely a big factor in his decision to join the company’s board. He will bring a wealth of experience navigating the country’s regulatory framework as well as years of thought leadership in the fintech market.
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