Monzo, a prominent figure in digital banking, has welcomed a former Nubank executive as its new Group CFO, aiming at global growth.
- Tom Oldham, previously associated with Mombak, steps in following the exit of James Davies, who now serves as CFO at OVO.
- The strategic appointment aligns with Monzo’s ambitions to expand into European and US markets, leveraging Oldham’s expertise.
- Furthermore, Monzo has appointed Mark Newbery, ex-Barclays, as UK CFO to fortify its domestic financial operations.
- With impressive past performance, Monzo is set on transforming the banking landscape by integrating advanced technology and customer-centric strategies.
Monzo, a leading name in the digital banking sphere, has taken a significant step towards its international expansion goals by appointing Tom Oldham as its new Group Chief Financial Officer. Oldham, who has an extensive background as the chief investment officer at Mombak, steps into this role following the departure of James Davies. Davies has transitioned to his new role as CFO of the energy supplier OVO.
Oldham expressed his enthusiasm, stating, “I’ve been a Monzo fan for years, so I’m excited to be joining this brilliant team as the company goes from strength to strength, with customers at the heart of its strategy, in the UK and beyond.” His appointment comes as Monzo plans to extend its footprint beyond the United Kingdom, eyeing potential growth opportunities in Europe via Ireland and continuing its expansion in the United States.
In addition to Oldham’s appointment, Monzo has strategically selected Mark Newbery as the UK CFO. Newbery, formerly head of investment banking at Barclays, will be tasked with overseeing Monzo’s financial strategies within the UK. His role is particularly pivotal as Monzo seeks to solidify and enhance its domestic market presence amidst growing competition.
Mark Newbery remarked, “I’ve long admired Monzo for its customer focus and passion. In a short space of time, Monzo has become a UK household name, improved the financial lives of millions and transformed how banking is done; there’s so much more in our sights.” This dedication to customer service and innovation is a core component of Monzo’s ethos, driving its continued success and market expansion.
CEO TS Anil added insight into the management changes: “[Tom and Mark’s] appointments are yet another example of us truly bringing together the best of banking and technology in pursuit of our mission to transform the financial lives of millions of people in our home market and beyond.” This sentiment reflects Monzo’s ongoing commitment to embracing technological advancements and customer-driven strategies.
Monzo has enjoyed a robust performance across 2024, achieving its first full year of profitability in June and expanding into the pensions market by July. Further demonstrating its impact, Monzo surpassed the 10 million UK customer milestone and topped the CMA banking league table for the fourth consecutive time in August. This period of success culminated in a substantial valuation of £4.5 billion by October.
Monzo’s strategic leadership appointments signal its intent to broaden its international reach while reinforcing its domestic market position.
