Monzo director Keith Woollard steps down from board

Keith Woollard, one of Monzo’s longest running directors, has stepped down from the company’s board. 

Woollard, formerly a director of Marks & Spencer and its bank’s chief risk officer, was appointed to Monzo’s board in May 2016 and resigned from his post on 1 January 2023, according to Companies House. He also formerly held senior posts at the Post Office and was the pre-cursor to the UK financial regulator the FSA (now the FCA).

He joined the budding neobank’s board just one month after the bank became the first crowdfunded bank when it raised £1m in 96 seconds and the fledgling fintech was then called Mondu.

A few months later and Monzo (Mondo) gained its full banking license, providing it with full protection under the Financial Services Compensation Scheme (FSCS). This meant that customers’ cash up to £75,000 (today it’s £85,000) would be fully protected in the event of a collapse.

“We would like to thank Keith for his hugely valuable insight, support and guidance for over six years as a non-executive director at Monzo. Valerie Dias took over from Keith as Chair of the Risk Committee last year, ensuring a proper transition following her appointment as a non-executive director in 2021,” Monzo’s chairman Gary Hoffman said. 

Passion Capital’sEileen Burbidge, one of the earliest investors in Monzo is now the longest running board member at the bank, having taken up the post when first investing in the firm in early 2015.