More personnel varies are afoot at Monzo, as the U.K. challenger bank continues to bolster its leadership team.
Specifically, TechCrunch has learned that Sujata Bhatia, a former American Express executive in Europe, has been recruited as Monzo’s new Chief Operating Officer, supplanting previous COO Tom Foster-Carter( who left the bank rather suddenly in November to found a startup of his own ). Monzo showed Bhatia’s appointment, which is still subject to regulator approval, and I understand she is due to start the COO role in late June.
Prior to Monzo, Bhatia spent nearly 16 times at American Express. Her most recent position at Amex was Senior Vice President for Global Merchant Business Europe. Before that she was Senior Vice President of Global Strategy and Capabilities, where, according to her LinkedIn profile, she contribute a crew of 400 people across 23 global markets.
Bhatia’s appointment follows the recruitment of Mike Hudack, the onetime CTO of Deliveroo and most recently a founding collaborator at London venture capital firm Blossom Capital. He connected Monzo in March as the challenger bank’s new Chief Product Officer. Going in the opposite direction was Meri Williams, Monzo’s Chief Technical Officer, who parted modes with the bank a few weeks later citing her wish to willingly is contributing to” cost-cutting weighs “.
Meanwhile, Bhatia meets Monzo at a quite turbulent season for the challenger bank, as it, along with many other fintech corporations, attempts to insulate itself from the coronavirus crisis and resulting economic downturn, meaning that the new COO will probably it is necessary hit the ground running.
Last month, I reported that Monzo was shuttering its customer support office in Las Vegas, seeing 165 customer support staff in the U.S. lose their jobs. And just a few weeks earlier, we reported that the bank was furloughing up to 295 staff under the U.K.’s Coronavirus Job Retention Scheme. In addition, the senior management team and the board has volunteered to take a 25% cut in salary, and co-founder and CEO Tom Blomfield has decided not to take a salary for the next twelve months.
Like other banks and fintechs, the coronavirus crisis has resulted in Monzo interpret customer placard deplete abbreviate at home and( of course) abroad, symbolizing it is generating significantly less revenue from interchange fees. The bank has also postponed the launch of premium paid-for consumer histories, one of simply a handful of known meant revenue streams, alongside giving, of course.
With that said, Monzo recently propelled business notes, many of which are revenue generating, with both free and paid tiers. I understand from beginnings that the number of business accounts opened to date previously stands at approaching 20,000.
Related to this, having originally missed out on nation aid via the capability and innovation fund designed to introduce more competition in SME banking, Monzo now has a second potential bite of the apple after previous concession champions Metro and Nationwide are returning the money.
As ever, watch this space.
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