London digital-bank Monzo has seen the departure of another top-level government, with its chief finance officer stepping down after two years, the corporate confirmed to Sifted.
Alwyn Jones is now set to serve out his six-month discover interval on the financial institution whereas Monzo seems for a substitute.
Jones is the most recent within the sequence of executives to depart Monzo following a major reshuffle in its prime ranks during the last yr, together with the appointment of a brand new chief executive in the course of the UK’s first Covid-19 lockdown.
He’s leaving to hitch cryptocurrency trade Luno, Sifted heard, having joined from Barclays in September 2018.
New management in Monzo’s finance division comes as the corporate is combating to show it could actually attain profitability.
Monzo had a tough interval over the pandemic, together with a valuation reduce and a challenging set of economic outcomes from 2019. Lending has been a very sore spot for the financial institution, warning it might lose as much as 7% of the entire it lent out in 2019 (together with overdrafts).
Nonetheless, the corporate seems intent on turning issues round. It not too long ago raised another £50m from traders, and now manages over £3bn in deposit throughout 5m clients.
Revenues are additionally now up 30% on pre-pandemic ranges, inner sources say, partly due to good uptake for its premium products.
The fintech exodus
Jones just isn’t the primary fintech government to leap ship to hitch the blossoming cryptocurrency space.
Final yr, Starling cofounder Julian Sawyer left to hitch cryptocurrency trade Gemini, earlier than not too long ago becoming a member of rival Bitstamp as chief government. In the meantime, Monzo’s advertising supervisor Russel Smith left Monzo to hitch Blockfi.
Crypto and blockchain have additionally attracted prime financiers from Wall Road within the US, with mixed results.
Extra broadly, Monzo will now have to hitch the aggressive marketplace for a CFO, with Revolut and Starling additionally on the hunt for full-time replacements.
Commenting on Jones’ departure, Monzo’s CEO TS Anil mentioned: “I need to say an enormous thanks to Alwyn for every thing he’s finished right here at Monzo…We want him all the very best!”
For his half, Jones informed Sifted in an announcement:
“I’ve liked being a part of the Monzo journey… There’s an enormous alternative forward, but it surely’s the fitting time for me personally to tackle a brand new problem at an earlier scale-up stage in an space that I’m actually enthusiastic about.”
Jones took over as CFO from Monzo cofounder Gary Dolman. Dolman left to hitch Antler as a VC after main Monzo for four years, main its journey to turning into a financial institution.