FACES OF FINANCE: TOM BLOMFIELD
Welcome to Faces of Finance, where invstr introduces you to big names within the business world ranging from investors, market commentators and top level analysts, to entrepreneurs, authors, professors and more.
Note – Mondo has changed it’s working name to ‘Monzo’ as of Summer 2016.
Tom Blomfield, CEO of digital bank Monzo wants to revolutionize the banking system and make it more accessible. Here he explains why he is passionate about fintech and how he made it to where he is.
Tom previously founded GoCardless, the UK’s largest Direct Debit Processor, which has gone on to raise over $12m from investors such as Accel, Balderton & Passion Capital. In 2013, Tom was nominated one of the top 5 Entrepreneurs under 30 by the European Commission. Prior to all of this, Tom studied Law at Oxford University.
He hosts his own blog at www.tomblomfield.com where he talks about software engineering and startups.
A rundown of Monzo
Monzo is a startup mobile-only bank that lets you as the user track your purchases via an app, create budgets among other functions, and was created out of a shared frustration with traditional banking services. As Blomfield said in an interview with The New Statesman, “I’ve banked with NatWest for 16 years and I feel like I’m trapped in an abusive relationship… we want to do something that actually works for people.”
Monzo began in February 2015, the result of a mission to build the best current account in the world. In August the following year, the company were granted a UK banking licence with restrictions by the FCA and PRA and have since been working hard to roll out their free current account in 2017.
Like many other exciting tech startup’s across the world of Fintech that invstr has spoken to, Monzo is looking to take on the traditional banking sector on it’s own turf with it’s current account service. It want’s to become the Facebook of banking, with the aim of a billion users worldwide. The app offers a wide array of options to users that wouldn’t be available through an app for a legacy (conventional) bank, such as being able to freeze and unfreeze cards at will and showing instant data about your purchases and transactions. The app can also use your phone’s geolocation chip to understand when you have gone abroad and inform you of the exchange rates for the currency in that country.
Similarly to invstr where we aim to make finance fun, social and understandable through education and gamification, Monzo aims to socialize finance and leverage the network effect of the internet. As The Guardian described in a piece on Blomfield and his firm, “He’s got small ideas to start, like the ability to split bills automatically between every Monzo user at the meal at the point of payment, but they’re already very different from what the wider banking industry expects.”
As of the 25th of January 2017, Monzo announced it had just hit 100,000 users, with close to £100,000,000 spent on Monzo cards to boot. We wish them the best of luck for the future as fintech continues to change the world of finance forever!
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