Monzo has hired the founder of Brolly to lead its charge into insurance.
Phoebe Chibuzo Hugh founded digital insurance firm Brolly in 2016 after coming through the Entrepreneur First accelerator. She sold the scaleup to Direct Line Group in 2020.
Initially named head of product innovation, she became venture CEO in July 2022.
Hugh revealed the move to Monzo, which is in talks to raise £300 million and has more than eight million customers, in a post on LinkedIn.
“Tomorrow will be the first day of an exciting new chapter. I’ll be joining the visionary team at Monzo Bank to lead their charge into insurance, making it as easy, personalised and delightful as we all deserve it to be,” she wrote.
“Monzo’s mission has always resonated with me: to make money work for everyone – a concept they’ve turned from a lofty ideal into a daily reality. Monzo has revolutionised banking, savings, lending, investments, and soon, we’ll bring this to insurance.
FinTech 50 – UK’s most innovative financial tech creators for 2023
“The insurance industry has made some progress, but it’s been slow, and the opportunity is still as clear and compelling as it’s ever been. I can’t wait to take all my learnings – from starting at Aviva, to building and exiting Brolly, and working with our acquirer Direct Line Group – into this next phase with Monzo.
“There is no better launchpad for the future of insurance than the UK’s favourite challenger bank.”
Monzo is expected to finally hit profitability this year.
InsurTech 50 – UK’s most innovative insurance tech creators for 2023