Monzo has announced the appointment of former Nubank executive Tom Oldham as its new chief financial officer, hinting at the digital challenger bank's IPO ambitions.
The British fintech firm also named Mark Newbery as its first º£½ÇÊÓƵ CFO in a bid to capture more market share from the country's leading lenders, as reported by .
Oldham is set to join Monzo in the new year, replacing James Davies who was snapped up by Ovo in October to become the energy supplier's new CFO.
Previously serving as chief investment officer at Brazilian fund manager Mombak, Oldham held the position of global head of financial planning and analysis at São Paulo-based Nubank, Latin America's largest fintech bank.
Monzo highlighted Oldham's "experience in driving growth and innovation... during a transformative period of hypergrowth and Nubank’s IPO", which took place in New York three years ago and has since become a benchmark for other neobanks considering a stock market float.
London-based Monzo, a much-anticipated IPO candidate, has grown rapidly since its inception in 2015 to become the º£½ÇÊÓƵ’s seventh-largest bank by customers, boasting over 11m users.
Monzo bank has had a highly successful year, with $610m (£490m) raised in funding, the announcement of its first annual profit in June, and a significant valuation of £4.5bn in October following an employee share sale. The digital banking trailblazer has been active in product innovation, recently introducing a pension service, and is eyeing additional revenue opportunities such as mortgage offerings.
With expansion ambitions on their horizon, Monzo is laying groundwork to penetrate the European market by establishing operations in Ireland, and is aimed at scaling up in the US market.
New executive team member Newbery, who came on board last month, brings extensive experience from Barclays, where he held the CFO position for investment banking, and has background from roles in º£½ÇÊÓƵ consumer banking and payments.
"Their 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," CEO Anil expressed this Tuesday.
