UK digital challenger, Monzo has appointed two new chief financial officers: one to manage its UK operations and the other to steer the group’s overall financial strategy.
Tom Oldham has been named Monzo’s group chief financial officer (CFO), succeeding James Davies, who left in October to join energy supplier Ovo as CFO after three years in the role at the challenger.
As well as steering Monzo’s financial strategy, Oldham will lead financial planning across the organisation, oversee global financial operations, and manage investor relations.
Oldham joins Monzo from carbon removal company Mombak, where he has served as chief investment officer for the past year and a half.
Prior to Mombak, Oldham acted as global head of financial planning and analysis and procurement at Brazilian challenger Nubank.
He is credited with being part of Nubank’s leadership team during a “period of hypergrowth and Nubank’s IPO”. This comes as speculation intensifies around Monzo’s potential future listing.
This year, Monzo reported its first full year of profitability and reached a valuation of $5.9 billion following a secondary share sale in October.
Alongside Oldham’s hiring, Monzo has appointed Mark Newbery as its new UK CFO. According to the digital bank, Newbery will concentrate on “financial strategy, control, performance and balance sheet management” for Monzo’s UK operations.
Newbery brings nearly 20 years of experience from Barclays, where he served as CFO and head of business management for its investment banking division.
The new additions come as Monzo accelerates its expansion in the US and Europe through its Irish gateway, while surpassing 11 million users.
