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Monzo launches hunt for new investments and wealth business boss

The job ad for 'general manager, Investments' says that Monzo is "looking for a leader to build and run the most exciting new business at Monzo - investments and wealth".

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TS Anil/Monzo

Monzo is to launch an investments and wealth business and is recruiting for an executive to head up the unit.

The job ad for a ‘general manager, Investments' at Monzo says: “We are looking for a leader to build and run the most exciting new business at Monzo - investments and wealth. 

“We want to bring our Monzo magic to this industry and redefine the way that people interact with investing and wealth.”

It adds that the GM role- which can be London or remotely based- will be “highly involved in recruiting and scaling news hires into key roles within the team”.

Monzo, whose valuation surged to $4.5bn late last year, following a $500m funding round, has been exploring new products for some time.

Monzo’s investments and wealth business will likely include a platform for retail investors to invest in stocks and crypto trading.

But the job advert does not reveal specific details of what products the new business will offer. Monzo did not give further details.

The digital wealth space is becoming increasingly crowded.

Last year, US heavyweight JP Morgan Chase snapped up UK digital wealth firm Nutmeg, which competes against the likes of Moneyfarm and other independent players.

Retail giant John Lewis  has also teamed up with Nutmeg to launch retail investment products.

On the trading front, Monzo rival Revolut first offered crypto trading in 2017 while Freetrade is also looking at a major push into crypto.

Monzo suffered a hit during pandemic, owing to a sharp fall in card transactions but it has diversified its business during Covid, launching premium and business accounts.

The new role will be part of Monzo’s executive leadership team.

The job ad describes the general manager role as:

-Lead the vision, strategy and execution of the investment and wealth product at Monzo from the ground up. Developing and managing the roadmap for the product and go-to-market plan

- Set goals and be responsible for hitting them 

- Be responsible for unifying teams across Product, Engineering, Data, Design, Marketing, Risk, Compliance and Operations to bring a delightful product to our customers

-Work closely with the relevant regulatory authorities to build a customer-focused product that is safe and compliant  

-Work closely with the executive team and board.

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