Monzo founder steps aside, citing stress
January 22, 2021
Monzo founder Tom Blomfield has decided to leave the challenger bank after struggling to maintain his mental health.
Blomfield told TechCrunch he has been unhappy at Monzo in the two years since it has grown from a "scrappy startup" into a major UK bank with almost 5 million customers, and he said the pandemic has worsened his mental health.
Last May Blomfield moved from CEO to the newly created role of president and resigned from the Monzo's board. He revealed that the move was intended to give him the opportunity to assess whether he wanted to leave the company.
Blomfield founded Monzo in 2015 and led its rise to one of the UK's most valuable fintech startups, worth around £1.2 billion. The company has raised nearly £450 million in VC funding, according to PitchBook data, from backers including Novator, General Catalyst and Accel.
Blomfield told TechCrunch he has been unhappy at Monzo in the two years since it has grown from a "scrappy startup" into a major UK bank with almost 5 million customers, and he said the pandemic has worsened his mental health.
Last May Blomfield moved from CEO to the newly created role of president and resigned from the Monzo's board. He revealed that the move was intended to give him the opportunity to assess whether he wanted to leave the company.
Blomfield founded Monzo in 2015 and led its rise to one of the UK's most valuable fintech startups, worth around £1.2 billion. The company has raised nearly £450 million in VC funding, according to PitchBook data, from backers including Novator, General Catalyst and Accel.