UK-based neobank Monzo appoints Conor Walsh to lead its US expansion. The move signifies Monzo’s renewed ambition to establish a robust presence in the American market.
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Fresh Attempt in the US
UK-based challenger bank Monzo has announced the appointment of Irish national Conor Walsh to spearhead its renewed push into the US market. This comes after its initial bid in 2019 met regulatory hurdles, leading to a withdrawal in 2021.
A Look Back
Monzo’s first effort to set foot in the US in 2019 was met with setbacks. After two years of rigorous dialogue, US authorities reportedly indicated to the neobank that its application would need more time to get the green light. This information was sourced from the Financial Times.
Who is Conor Walsh?
Walsh, a seasoned professional with an impressive track record, comes on board from Jack Dorsey’s Square, where he managed the global product for its Cash App for six consecutive years. Before Square, he offered consultancy services for Bain in global hubs like London and San Francisco. A quick peek into his LinkedIn profile reveals his academic background – an engineering degree from UCD.
He expressed his excitement about the new role. He stated, “I have been a Monzo admirer for years and am ecstatic about this massive opportunity to magnify our product’s reach and mission in the US. Having witnessed the transformative power of world-class financial solutions, I firmly believe Monzo leads this transformative journey.”
TS Anil, Monzo’s Chief Executive, praised Walsh’s appointment, stating that the Irishman possesses the “perfect blend of skills” to steer the US team in tailoring top-notch products for American consumers and fortifying their American presence.
Monzo’s Rising Profile
Monzo stands tall as a high-profile player in the UK’s online banking sphere. Based on its records, with rivals such as Starling and Revolut, Monzo boasts an impressive 8.4 million individual customers and over 300,000 business clients.
In terms of valuation, a 2021 fundraiser led by the Abu Dhabi Growth Fund pegged Monzo’s worth at a staggering $4.5 billion (equivalent to €4.25 billion). Despite auditors’ reservations in 2021 about its sustainability, by fiscal 2023, Monzo turned profitable. Although initially rattled by the pandemic, the financial tech company has since displayed resilience. This summer, whispers about a potential collaboration with Norwegian entity Lunar Bank, valued at around $2.2 billion, have been making the rounds as Monzo eyes expansion into mainland Europe.