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TS Anil describes his first year as chief executive of Monzo as a storm. Since he was appointed to lead the challenger bank in May 2020, he’s been running it remotely from his home office halfway across the world, all while the business went through an existential crisis.
“In hindsight, it all feels pretty daunting,” he says. Anil has recently moved back to London, but before then he was in Palo Alto, California, working from 3am to match UK time and reassure staff, whom he had never met, that he was in control.
It was a hard task. Shortly before he became CEO, Monzo made 285 people redundant, shuttered its Las Vegas office, and furloughed a further 295 people in the UK. Plummeting activity from its customers forced Anil to seek between £70 million and £80m in funding to see Monzo through the pandemic, causing its valuation to be slashed by 40 per cent. In the background, we now know that former CEO and founder Tom Blomfield, who had taken on the role of president, was tryi
Monzo boss
TS Anil believes the spirit of neobanks is their emphasis on the customer, which has stood them in good stead during the pandemic
Apr 23, 2021
Meera Navlakha
What is abundantly clear about TS Anil, global chief executive of Monzo, is his pride in the UK challenger bank and its distinctive culture. Discussing the hurdles facing the business this year, Anil attributes its subsequent success to the strength of his staff, the bank’s mission and what he describes as “the magic of Monzo”. His passion for the company cannot be overstated. “Our pride comes from the fact that we are doing the right things for our customers,” he says.
At a glance
Digital banking allows you to conduct all banking needs such as payments, standing orders and reviewing balances online or on your mobile.
Nearly all banks now provide a way to manage your accounts digitally using apps.
There’s a growing number of purely digital-only banks that are shaking up the banking sector.
Digital banking allows you to conduct all banking needs such as payments, standing orders and reviewing balances online or on your mobile. Nearly all banks now provide a way to manage your accounts digitally, and there’s a growing number of purely digital-only banks that are shaking up the banking sector.
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Banking Challenger Monzo Partners with RAC to Give Monzo Plus and Premium Clients Breakdown Cover from £5/Mth
April 4, 2021 @ 10:55 pm By Omar Faridi
Monzo, a UK-based digital bank that recently raised £50 million as part of a Series G extension, reveals that it has a new special offer, “exclusively for Monzo Plus & Premium customers.”
The Monzo team writes in a blog post that they know you are “chomping at the bit to hit the road.” The banking challenger points out that their team has “never wanted to jump in the car to see friends and family more than we do right now, and we all have our fingers crossed that moment isn’t too far away.”