Former Monzo CEO Tom Blomfield on falling out of love with your work
Get you own unique referral link: https://www.secretleaders.com/hypeTom Blomfield, the former CEO and Co-Founder of Monzo, and Co-Founder of GoCardless, knows a thing or two about the fintech industry. “We wanted to create something different than existing banks. We believed that the banks weren't serving customers particularly well at that moment. Customer expectations had been raised dramatically by things like Spotify, Uber and Airbnb, in terms of the user experience and functionality.”Which is why his announcement in January 2021 that he was leaving Monzo, 6 years after founding the challenger bank, came as a shock to many. “When you get to that size, it's about people management. You spend almost no time on product or customers really. It's about process, a lot of process, extraordinary amount of regulation.”But it takes an outstanding leader to know when to step aside. And in today’s inaugural episode of Season 7, Tom talks about the mounting pressure when you’re at the top and ultimately its impact on your mental health and identity. “I've talked about suffering that kind of stress, a build up of stress, it starts impacting your sleep, or at least it impacted my sleep, it became this vicious cycle where not sleeping makes your work worse, make worse decisions.”From raising £1m from crowdfunding in 96 seconds, to how he scaled personally alongside the bank, to building a culture from the very outset, to what made him leave Monzo - Tom is exceedingly candid in this interview, which was recorded just a few weeks after his departure.Don’t miss this hugely insightful episode from one of Europe’s top founders and CEOs - it’s something all entrepreneurs need to hear.We chat about:Crowdfunding MonzoBuilding a culture from the startEntrepreneurship and mental healthHis decision process to leave MonzoLinks:MonzoGoCardlessWant to receive our podcast on a weekly basis? Subscribe to our newsletter!
496. News: Tom Blomfield’s bittersweet departure & Marcus and Marqeta launch checking accounts
Fintech Insider Podcast by 11:FS
Our expert hosts, David Brear and Kate Moody, are joined by some great guests to talk about the most notable fintech, financial services and banking news from the past week. This week's guests include: Oliver Prill - CEO, Tide Tosin Agbabiaka - Early Stage Investor, Octopus Ventures. We also spkoe to we spoke to Vidya Peters, CMO at Marqeta to hear more about their story. We cover the following stories from the fintech and financial services space: It been a busy week for Goldman, as Marcus offers checking accounts with Marqeta in the US, while hunting for acquisition opportunities for Marcus UK. Tide to launch in India Monzo founder Tom Blomfield is departing the challenger bank and says he’s ‘struggled’ during the pandemic - Grab’s financial services arm raises $300M Paypal takes full ownership of Chinese payments company GoPay Jamie Dimon says JPMC should be “scared shitless” about fintech This podcast is brought to you by Jack Henry Digital the pioneer and creator of personal digital banking that helps community financial institutions strategically differentiate their digital offerings from those of MegaBanks, BigTechs and FinTechs. This podcast is also brought to you by Mitek (NASDAQ: MITK). Mitek is a global leader in mobile capture and digital identity verification solutions built on the latest advancements in computer vision, artificial intelligence and machine learning. Mitek’s identity verification solutions enable an enterprise to verify a user’s identity during a digital transaction, which assists businesses operating in highly regulated markets to reduce financial risk and meet regulatory requirements while increasing revenue from digital channels. Financial services, marketplaces and other organizations around the world use Mitek to reduce friction creating the digital experiences their customers expect. Mobile Deposit® and Mobile Verify® are used by millions of consumers for check deposit, new account opening and more. The company is based in San Diego with offices in New York, London, Amsterdam, Barcelona, Paris and St Petersburg. Learn more at www.miteksystems.com. Banking as a Service is deconstructing the banking stack. It's enabling brands to embed finance more easily, and to tailor financial products to specific customer needs. This is presenting new opportunities for specialised providers and offers banks extra revenue streams. Download our report for a comprehensive, no BS view of what Banking as a Service is and what it means for the industry. Head to bit.ly/bankingasaservice. Fintech Insider by 11:FS is a podcast dedicated to all things fintech, banking, technology and financial services. Hosted by a rotation of 11:FS experts including David Brear, Simon Taylor, Jason Bates and Sarah Kocianski and joined by a range of brilliant guests, we cover the latest global news, bring you interviews from industry experts or take a deep dive into subject matters such as APIs, AI or digital banking. If you enjoyed this episode, don't forget to subscribe and please leave a review Follow us on Twitter: www.twitter.com/fintechinsiders where you can ask the hosts questions, alternatively email firstname.lastname@example.org!Special Guests: Oliver Prill, Tosin Agbabiaka, and Vidya Peters .Links: Marcus offers checking accounts with Marqeta in the USTide to launch in India Monzo founder Tom Blomfield is departing the challenger bank and says he’s ‘struggled’ during the pandemicGrab’s financial services arm raises $300MPaypal takes full ownership of Chinese payments company GoPayJamie Dimon says JPMC should be “scared shitless” about fintech
During the series finale at FFLDN, Clemency Burton-Hill speaks with Tom Blomfield, co-founder of Monzo, one of the UK's leading challenger banks about his vision to transform the everyday banking experience to create a future that is friction-less. Though Tom is an inspiring figurehead in fintech today, he recalls his fascination with entrepreneurship from his childhood, and his first experiences in scrappy startups among the moments that made him.
Tom Blomfield is the co-founder and CEO of Monzo. A former management consultant and VP of growth at Grouper, his first experience with fintech was in 2010 when he co-founded GoCardless. He co-founded the app-only ‘neo-bank’ Monzo in 2015, which currently serves over one million customers and is valued at £1bn. In this in-depth interview, he describes the "monumental challenge" of investing in technology faced by traditional banks, reveals there has been a 70% reduction in betting behaviour since introducing a 'gambling block', and argues there is no reason why every person worldwide can’t have a fully functioning bank account.
Tom Blomfield: Monzo - The Makers Podcast by Ollie Forsyth
The Makers Podcast
Tom Blomfield is a British entrepreneur. After studying for a law degree at Oxford University, he founded the UK-based company GoCardless and challenger bank Monzo. In 2013, he was recognised as one of the top five entrepreneurs under 30 by the European Commission. - The Makers Podcast by Ollie Forsyth
20VC: Monzo's Tom Blomfield on The 3 Phases of Startup Scaling, The Secret To Building a 1.2m Community with No Advertising & How To Use Boards As A Tool To Instil Operational Excellence
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
Tom Blomfield is the Founder & CEO @ Monzo, in it's simplest words, the bank of the future allowing you to open a full UK bank account in minutes, from your phone. To date, Tom has raised over $190m in funding for Monzo from the likes of Thrive, Accel, General Catalyst, Stripe, Mike Moritz and Goodwater just to name a few. As for Tom, prior to Monzo he was the Co-Founder of another of London's rocketship startups in the form of GoCardless and before that co-founded student marketplace Boso.com alongside Triplebyte Founder, Harj Taggar. In Today’s Episode You Will Learn: 1.) How Tom made his way into the world of startups from University and came to found the bank of the future in Monzo? 2.) Why does Tom believe that scaling a company today can really be broken up into 3 distinct phases? What are those phases? How does what one needs for each phase differ accordingly? What elements has Tom found most challenging to navigate in the scale-up phase? Are there challenges or elements that are the same across every company? 3.) Why does Tom believe that product decision-making is both an art and a science? How does Tom determine when is the right time to add ancillary products? How can one really stress-test true customer love for the first product? How does Tom balance between product expansion vs geographical expansion? How does Tom balance between being customer-driven vs customer informed? 4.) Tom has grown Monzo to 1.2m users with virtually no advertising, how does Tom respond to the statement that there is a lack of free and open distribution today? What does Tom mean when he says "when it comes to customer acquisition you have to play a different game"? In building community, what have Monzo done so right? Where have they made mistakes? What have been some big lessons on early community building? 5.) Having raised over $190m in VC funding, what have been some of Tom's biggest lessons when it comes to fundraising? Why does Tom believe that so few boards are managed and run well? Where do they go wrong? What do great board managers do to run an efficient process? What does Tom mean when he says "use board meetings as a tool to instil operational excellence?" Items Mentioned In Today’s Show: Tom’s Fave Book: The Hard Thing About Hard Things by Ben Horowitz As always you can follow Harry, The Twenty Minute VC and Tom on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
From pre-paid card to fully fledged Current Account, Tom Blomfield details the journey of UK challenger bank Monzo with great enthusiasm and vibrance. Tom talks our host Simon Taylor through Monzo's viral growth and how their marketing team has managed to grow the company 1000% in the last year alone, on a very limited budget. 'I don't think we're a million miles away from the mainstream' is a great quote and highlights the ambition of the challenger bank, as we discuss Monzo's roadmap for the future. Regulation has been a hot topic to kick off 2018 and so you won't be surprised that PSD2 is much discussed throughout the interview. Indeed Tom gives his opinions on how large banks and open banking will be impacted by the regulation. Murmurs of both a Monzo IPO and potential acquisition have been constant throughout 2017, and Tom's admirable attitude that an acquisition "would feel like failure" shows just how dedicated the Monzo team is to creating a better banking product for its customers. He takes responsibility for the IPO rumours saying that it was down to a copywriting indiscretion, however also states a future IPO is possible. This episode is sponsored by Toptal, an exclusive network of the top freelance software developers, designers, and finance experts in the world. To find out more, visit Toptal.com. We hope you enjoy the show - spread the word, tell your friends and don't forget to leave us a review on iTunes. If you want to get in touch, drop us a line at email@example.com or on Twitter @FintechInsiders and follow us on Facebook.Special Guest: Tom Blomfield.
The coolest man in fintech: Tom Blomfield, co-founder of Monzo
City AM Unregulated | Professional Development, Entrepreneur, CEOs, Communication, Leadership, Start Up, Business, Careers
The man behind London fintech sensation Monzo joins Emma to talk about what inspired the UK's hippest challenger bank, how he deals with outages and why he is fending off dozens of takeover offers. If you like this week's episode, please take a minute to subscribe, rate and review - it helps other people find the podcast.See omnystudio.com/listener for privacy information.
#27 The challenger bank for the smartphone generation with Monzo, Tom Blomfield
Samira Stalks: Entrepreneurship | Business Education | Innovation | Impact
Monzo is the latest challenger bank on the UK fintech scene, racking up half a million customers with half of them under 30 years old and raising £1m in under 96 seconds from its customers. With its seamless user experience, open dialogue with customers and friendly nudges - we hear how it’s got young adults excited about their personal finances. The post #27 The challenger bank for the smartphone generation with Monzo, Tom Blomfield appeared first on Samira Stalks.