Monzo appoints two CFOs including one with IPO-experience

Monzo has appointed two new CFOs, including one with experience of listing a challenger bank on a stock market.

The UK challenger bank has appointed Tom Oldham, a former finance executive with Brazilian challenger bank Nubank who helped oversee its 2021 IPO in the US, as its new group CFO.

Monzo has also appointed Mark Newbery, a Barclays veteran, as its new UK CFO.

The UK challenger bank also announced today (Tuesday) that it had topped 11 million customers and highlighted “expansion plans in the US and Europe”.

Monzo has long been linked with a possible IPO but its CEO TS Anil has remained tight-lipped on the timing and destination of a possible IPO, save to say Monzo would be a “great public company one day”.

Oldham, who will join Monzo in the New Year, was previously chief investment officer at Mombak, a fund manager focused on generating carbon credits.

Previously, Oldham was part of Nubank’s leadership team as the global head of FP&A and other areas of finance during Nubank’s IPO.

Oldham is replacing James Davies, who recently joined energy firm OVO.

Newbery, who joined Monzo in October, was previously CFO for investment banking at Barclays.

Newbery’s role is a new one at Monzo.

Anil said:

“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.

“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.”