Monzo has recruited Carol Nelson to take over from TS Anil as CEO of its fledgeling US operation.
Nelson, who previously spent ten years as CEO of Cascade Bank and prior to that was a long time senior vice president of Bank of America, has been advising Monzo on its US launch over the course of the past year, according to TechCrunch.
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Her arrival in the post coincides with the completion of a new $50 million round of financing for the challenger bank.
Monzo’s putative launch in the US has coincided with a rocky period for the bank, which has been striving to raise revenues after the pandemic blew a hole in its previous – and costly – customer acquisition strategy.
The bank is taking a cautious approach to its US launch as it works through its banking charter application. The ten-strong team is currently supporting a limited number of beta customers as it experiments with finding the right product fit for specific geographies.
According to TechCrunch there are currently over 20,000 signups to the US waitlist, and that post pandemic Monzo will choose San Francisco for its US HQ.
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