Monzo co-founder Tom Blomfield steps down from board

via AltFi

Monzo’s co-founder Tom Blomfield made headlines back in May when it was revealed that he would step down from his role as CEO and become President of Monzo. 

The move meant Blomfield would no longer be part of the executive leadership team at the digital bank, stepping into a more community-focused role. 

Today the transition was cemented following his removal from Monzo’s board of directors.  

In the filing, published to Companies House, it states that the termination occurred on 17 June 2020 nearly a full month after news of Blomfield’s new role broke. 

According to a spokesperson Blomfield, like his fellow co-founders who have all since left Monzo, will be invited to board meetings and will keep his shareholder voting rights, although the number of shares he holds is unknown. 

Blomfield’s CEO shoes have been filled by US CEO TS Anil who will run the day-to-day operations of the digital bank from the other side of the Atlantic. 

Monzo has not been immune to the effects of coronavirus, although Blomfield’s departure was not as a result of the ongoing pandemic. 

Shortly after lockdown began, it was revealed that Blomfield would forgo his salary and top executives would take a 25 per cent pay cut as well as Monzo placing 295 members of staff on a voluntary furlough scheme. 

Earlier this month it was also reported that Monzo would cut up to 120 jobs in an effort to save cash. 

And just two weeks ago, Monzo completed a £60m funding round at a 40 per cent discount, placing Monzo’s valuation at around the $1.25bn mark, the same valuation it received back in 2018.