Monzo has hinted at a public listing with the appointment of a new group CFO.
The London-based digital bank has appointed Tom Oldham to the role from January – replacing James Davies, who left for Ovo in October – while Mark Newbery joined last month as UK CFO.
Oldham most recently served as chief investment officer at Mombak, a Brazilian fund manager focused on generating carbon credits, and before that was part of the leadership team at Nubank, the largest FinTech bank in South America.
He served as global head of financial planning and analysis at Nubank “during a transformative period of hypergrowth and Nubank’s IPO”, Monzo noted in a press release.
That listing took place in New York three years ago.
Monzo CEO TS Anil has spoken openly about Monzo’s IPO ambitions but when and where the neobank will list remains unknown.
Newbery most recently served as CFO for investment banking at Barclays and previously for its consumer banking and payments division and UK retail bank.
Monzo claims that 1 in 5 UK adults and 1 in 16 businesses now bank with the company, which serves more than 11m total customers.
This year it achieved its first full year of profitability, following a year of record growth with revenues up 2.5x and an 88% increase in deposits in the last financial year, while its valuation has increased twice this year, most recently as part of an employee secondary sale which took it to £4.5 billion.
“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,” said Anil.
“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.”
Oldham added: “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.”
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