UK challenger bank Monzo has announced that Carol Nelson will be taking over as US CEO.
Nelson will take over from group CEO TS Anil who took the reins from Tom Blomfield in May 2020 following his resignation. Last month, co-founder Blomfield announced he was also stepping down from his role as president.
Nelson is the former chief executive of Cascade Bank and senior vice president at Bank of America, and has been a strategic advisor for Monzo since 2019. She will head up Monzo’s US operations, with the bank announcing in 2019 that it would begin offering services in the region.
Monzo USA tweeted that it was “thrilled” to welcome “an absolute Rockstar” as its new US CEO.
Facing different regulatory hurdles than it does in the UK and EU, Monzo submitted its US banking licence application in April 2020 and has partnered with Ohio-based Sutton Bank in order to enter the US market before it has obtained its licence.
The bank offers many of the same features to its US customers, including spending notifications and its Pots saving feature, but does not offer money lending. Monzo currently has a small number of beta customers in the US, with others able to sign up to join a waiting list.
According to TechCrunch, the bank has set its sights on opening a US headquarters in San Francisco.
Monzo, which has racked up close to five million customers since it was founded in 2015, recently completed a $50m Series G financing round from existing shareholders.
However, the bank has faced some hurdles in the past year and had to close its Las Vegas customer support office in June 2020, making 165 members of staff redundant.
In July 2020 Monzo annual net losses of £113.8m after making a £47.1m lost in the previous year.