U.K. Challenger Bank, Monzo, Appoints New U.S. CEO

Monzo, a British challenger bank with almost 5M users, has appointed Carol Nelson as their new U.S. CEO.

After announcing their ambitions to expand operations in the U.S. in 2019, Monzo has since only seen a tentative soft launch of their product. Their U.S. team consists only of ten people, supporting a handful of customers. By bringing Nelson to its team, the company hopes to scale its customer base in the U.S.

Nelson has extensive experience in the financial services sector. She served as the CEO of Cascade Bank for ten years and has spent over two decades at Bank of America, where she held the position of Senior Vice President. More importantly, Nelson as served as a strategic advisor to Monzo U.S. for over a year, making her a favourable candidate for the CEO position, as she will already be familiar with Monzo’s culture.

The bank, who has recently received $68 million in a Series G funding from investors, has experienced significant challenges during the pandemic. Around 80 staff were laid off last June and the company’s founder, Tom Blomfield, stepped down from his position in January, due to stress and mental health.

Nelson will be replacing T.S. Anil, who currently holds the position of both Monzo U.K. CEO and Bonzo U.S. CEO. She will assume her role as CEO starting next week.

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