Monzo boss banks gong

By Daniel Lanyon on 7th January 2019

Challenger Banks

The leading digital only bank has entered unicorn territory last year as well as pulling in a huge £20m Crowdfunding campaign.

Monzo boss banks gong

Tom Blomfield, co-founder and chief executive officer of digital banking darling Monzo, has been awarded an OBE in the New Year’s honours list.

More than 1000 people were awarded in the New Year’s Honours list with just three people named for their services to banking, including Blomfield.

Blomfield was given an OBE “for services to Improving Competition and Financial Inclusion in the Banking Sector.”

Monzo was on something of a tear last year, rolling out its markeplace, the launch of its current accounts , its first lending product - overdrafts - and an anti-gambling addiction with Blomfield also suggesting that the bank may be profitable even sooner than you might expect. He said: 

“Our current financial models are putting us reaching cash-flow positive in 2020, but we’re working really hard to bring costs down and drive revenue to get to cash-flow positive some time in 2019,” he said. “We’ve just hit contribution margin positive on our newest cohort in the last couple of weeks, so we’re well on our way.”

The other names in banking awarded gongs were Riaz Alidina Head of Financial Institutions Business Risk, Lloyds Banking Group “for services to small business banking and Sabrina Boanu, relationship support manager at Barclays “for services to client relationships in the banking sector". 

James Leigh-Pemberton, the chairman of UK Financial Investments, which overseers the taxpayer’s holdings in Royal Bank of Scotland and Bradford and Bingley, was awarded a Knighthood.

Jayne-Anne Gadhia, former chief executive officer of Virgin Money will also become a Dame “for services to financial services and women in the financial industry".

Starling chief, and Blomfield’s former boss, Anne Bowden was awarded an MBE for services to financial technology, as part of the Queen’s Birthday Honours list in June.

You can see the full list here. 

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