Monzo Pension? Digital bank plots move into retirement savings

UK neobank Monzo is planning a move into the vast pensions market.

Monzo, which recently announced it has 7.5 million customers and is profitable on a monthly basis, is hiring an exec for its new pension business.

According to a job advert, Monzo is looking for a product manager to lead the launch and scaling of its pensions products.

The role - which pays £75,000-£100,000 - appears to be nested within Monzo’s newest team, its savings & investment division.

Monzo only currently offers cash savings accounts but has long been rumoured to be building out a fuller suite of wealth products. 

The neobank, led by TS Anil (pictured), was on the hunt for an overall boss of its wealth arm in January 2022.

Building out products into the lucrative wealth market is key to Monzo’s profitable push, with pensions one of the largest opportunities. 

Fintech pension provider Cushon, for example, was acquired by NatWest earlier this year and Nutmeg - which offers pensions alongside other investment products was acquired by JP Morgan in 2021.

Monzo declined to comment.