Breaking: Monzo’s chief credit officer Tim Trailor has joined Capital On Tap

By Oliver Smith on Tuesday 19 May 2020

Digital Banking

The executive is now chief risk officer at lender Capital On Tap.

Breaking: Monzo’s chief credit officer Tim Trailor has joined Capital On Tap
Image source: Tim Trailor/Monzo.

Monzo’s chief credit officer Tim Trailor, who joined the business from Klarna in August 2018, has departed to take up a new role at lender Capital On Tap.

At Monzo Trailor spent nearly two years responsible for all of the bank’s lending products, including its consumer overdrafts and unsecured loans.

Capital On Tap supplies overdrafts and business credit cards and was recently accredited by the British Business Bank to take part in the Coronavirus Business Interruption Loan Scheme (CBILS).

A spokesperson for Capital On Tap told AltFi: "Tim will be taking the lead on managing our credit processes for the UK which is critical in the next few months as we are rolling out CBILS funding and will manage our global risk strategy going forward as we scale up in Spain and looking at new markets. He will be bringing extensive experience to the business and driving it forward and we are very excited to welcome Tim to the team."

Trailor was previously a vice president at checkout lender Klarna, where he was part of the senior leadership team focused on growing the UK business and analytical activities.

Lending has been a work-in-progress for Monzo, in its last annual report (covering 2018-19) the bank revealed it had originated just £19.2m worth of overdrafts and loans, with expected losses of £3.1m.

Trailor’s appointment at the end of that period, August 2018, indicated the bank recognised that lending needed additional focus.

Monzo’s 2019-20 annual report, due in a number of weeks, will shine further light on how successfully Trailor was able to do that.

His departure also comes amidst considerable changes in Monzo’s senior leadership team over the last six months, including the arrival of Dave Laramy as VP and head of global financial crime, Lisa Nowell as chief risk officer and Sheree Atcheson as head of diversity and inclusion.

Meanwhile Monzo has lost former COO Tom Foster-Carter, former deputy CEO Paul Rippon, former CTO Meri Williams and a handful of other founding employees.

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