Monzo looks to ‘raise the bar’ with two executive appointments

The picture of MONZO bank card.
Editorial credit: Ascannio / Shutterstock.com

Monzo has strengthened its executive team with the appointments of Mark Newbery as UK Chief Financial Officer and Tom Oldham as Group Chief Financial Officer, subject to regulatory approval. 

In his new role as Group CFO, Oldham will oversee Monzo’s overall financial strategy, and manage global financial operations, investor relations and financial planning. Newbery, as UK CFO, will spearhead strategy, control, performance and balance sheet management for the company’s UK operations.

TS Anil, Group CEO of Monzo, commented: “I’m thrilled to welcome Tom and Mark to Monzo as we scale at pace, deliver groundbreaking products and continue to raise the bar on the rest of the industry – and most importantly, on ourselves. 

“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.”

Most recently, Oldham held the role of Chief Investment Officer at Mombank. Prior to that, he served as part of Nubank’s leadership team as the Global Head of FP&A and other areas of finance.

He is set to join Monzo in January, subject to regulatory approval. 

Commenting on his new role, Oldham said: “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.”

Before joining Monzo Newbery served as CFO for Investment Banking at Barclays and previously for its Consumer Banking and Payments division and UK Retail Bank. 

Newbery stated: “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.” 

These two appointments come at a time of planned expansion for the company, with plans in place to grow its reach in the US and Europe. The challenger bank has also been upgrading its portfolio of services of late. 

In October, the company unveiled a new premium plan for what it calls ‘bigger small businesses’. The plan covers payment approvals and expenses for business employees, an area in which Monzo has seen an increase in demand.

The firm’s growth is continuing at pace, with it being one of the UK’s fastest-scaling financial companies and recording growth among both consumers and businesses.

It has also been receiving a positive reception from both according to the Competition and Markets Authority (CMA), at the expense of its competitors in the traditional retail banking space.