Monzo appoints new CFO as Alywn Jones steps down

Monzo’s finances have been the point of great debate for a while now and the digital bank has appointed a new CFO to help it turn its fortunes.

James Davies will replace Alwyn Jones as the digital bank’s finance chief later on this month, first reported by the Evening Standard.

Davies joins Monzo from household repairs and insurance group Domestic and General where he is currently still CFO.

 “I am delighted to have the opportunity to join Monzo and am really energised to become an integrated member of the exceptional team already in place,” Davies said in a statement.

“Monzo has developed an unrivalled customer proposition and I believe it is reaching a further inflexion point as the consumer craves a modern, nimble and unified platform to manage their financial lives - Monzo is right at the forefront of this shift.”

Prior to Domestic and General, Davies was finance lead at digital estate agent Purple Bricks and betting platform William Hill’s online division.

“I’m thrilled to welcome James on board. He’s got all the skills and experience we were looking for in a CFO, having worked for over two decades in financial services and tech across large businesses and innovative tech disruptors. He’ll be a great fit and importantly, he shares our vision for the future,” Monzo’s CEO TS Anil added.

Current CFO Alywn Jones announced earlier this year that he was leaving Monzo, where he has been since 2019, for cryptocurrency exchange Luno.

Jones’ departure marks the latest in a series of high-profile departures from the bank during the pandemic—last year founding CEO Tom Blomfield, CTO Meri Williams and VP of marketing Tristan Thomas were among those who announced their departure.

It’s hoped that Jones will help Monzo better its finances. For the second year running the digital bank’s 2021 annual results highlighted “material uncertainties that cast doubt on our ability to continue as a going concern.”

In its annual report, Monzo also revealed that it is being investigated by the FCA for a potential breach of anti-money laundering regulations.

On 7 May 2021, the FCA informed Monzo that it has “started an investigation into our compliance with financial crime regulation,” after initially telling the bank to appoint someone internally to oversee the initial review into its financial crime practices in August 2020.