Feb 12, 2021

Carol Nelson becomes new CEO of digital bank Monzo US

Monzo
CarolNelson
JPMorgan
digitalbank
William Girling
2 min
Carol Nelson becomes new CEO of digital bank Monzo US
In the latest development of an already busy month for Monzo, the digital bank has appointed Carol Nelson as its CEO for US operations...

Nelson had previously been working as a Strategic Advisor since 2019 as part of the company’s planned US launch. Her significant experience includes over 20 years as a Bank of America executive, CEO/President/Director of Cascade Bank, CEO of the Washington State Department of Revenue, and much more.

The appointment will doubtlessly be reassuring to Monzo’s stakeholders, particularly in light of Founder and President Tom Blomfield’s departure in January. The headquarters for Monzo US will be in San Francisco. 

Monzo seeks to raise £50m

Monzo’s customer base in its native UK has reached almost five million and 20,000 people have reportedly already signed up to the bank’s waiting list in the US.

With such strong support, it is perhaps unsurprising that the bank is poised to secure an additional £50m (US$69m) - a near-equivalent figure to the £60m netted during a Series G round in December 2020. Backers are said to include Novator, Kaiser, and newcomer Octahedron Capital.

The outcome of this funding round and Monzo’s US expansion could prove pivotal: reports that the digital bank lost over £100m last year have called its long-term profitability into question, with some commentators comparing its situation to failed Australian peer Xinja:

“Xinja did not prioritise early on trying to create a sustainable future with revenue-generating products, and it was too late when it finally dawned that it needed personal loans and wealth services instead,” said Katherine Long, Banking Analyst at GlobalData.

Digital banking takes hold globally

The success of digital banking is plain to see all over the world, from Nubank securing $400m in its latest funding round, to Cashplus achieving full bank status, and even US Bank digitising its lending for homebuilders.

Late January also saw JPMorgan launching a new digital brand (‘Chase’) in the UK, a move that Gordon Smith, CEO of Consumer & Community Banking and co-President, stated was designed to bring a challenger bank-style experience to a bank with over 160 years of history.

“We are bringing Chase to the UK because we want to provide customers with a new banking choice – one that will enable them to benefit from a simple and exceptional banking experience, built on the significant capabilities of JPMorgan Chase,” he said.

Image: Carol Nelson (source)

Watch out for our Top 100 women in fintech list, as voted by our readers - released in March 2021.

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Jun 24, 2021

Citizens Bank and Bizagi webinar: Meet the speakers

CitizensBank
DigitalTransformation
BluePrism
Bizagi
Bizclik Editor
2 min
In Citizens Bank’s upcoming webinar, the company will discuss how digital transformation has enhanced critical banking processes
In Citizens Bank’s upcoming webinar, the company will discuss how digital transformation has enhanced critical banking processes...

In Citizens Bank’s upcoming webinar, the company will discuss how digital transformation has enhanced critical banking processes.

There’s still time to sign up to the event - ‘How Citizens Bank digitally transformed credit card fraud and claims processes’ - which will be held on 7 July at 3pm BST. Register here.

Having provided an overview of the webinar and the themes to be discussed, we’d now like to properly introduce the speakers: Tom Dixon, Senior VP at Citizens Bank; Marlando Rhule, Professional Services Director at Bizagi; and Darshan Jain, Senior Director at Blue Prism.

Now in his tenth year at Citizens Bank, Dixon heads up the company’s Consumer Banks Intelligent Automation initiatives. Prior to joining, he held previous roles in finance as a COO and a consultant. Dixon also held the rank of Sergeant in the US Army.

 

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Rhule has had a diverse career that include roles at Nike, FedEx, the US HSS, and more, however a common thread has been his skilled application of technology. 

Holding Masters degrees in both IT Systems Management and Project Management (both from Keller Graduate School of Management), Rhule joined Bizagi in 2019. As such, he seems to be a natural asset for the company’s mission of creating synergy between businesses and IT.  

 

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Finally, Jain joined Blue Prism in 2020. He held a variety of executive positions throughout a long and impressive career. In addition to working at Blue Prism, Jain is also an incumbent Instructor in Intelligent Automation at the University of Toronto. 

Jain’s value to Blue Prism is obvious: the company is positioning itself as a leader in intelligent automation, unlocking opportunities for operational efficiency for over 1,800 businesses across 150 countries. 

 

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Don’t miss your chance to gain industry-leading insights. Register for the webinar now.

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