Monzo chief danger officer (CRO), Lisa Nowell, has left the challenger a little bit over a yr within the position.
She has joined the London-based enterprise lender, Ashman Finance, as its new CRO.
Nowell is changed by Ian Laing, a former CRO at housing firm heylo. Laing has expertise within the position at main lenders Nationwide, TSB Financial institution, and Santander.
Monzo appointed Nowell in November 2019. She joined the challenger financial institution from ClearBank, the place she had spent six months as chief danger and compliance officer. She additionally beforehand labored at one other UK challenger, Masthaven Financial institution, in addition to Barclays, RBS and Nationwide Constructing Society.
Previous to Nowell’s appointment the place at Monzo had been vacant for around 12 months. Her predecessor Ruth Doubleday left in September 2018 after a yr on the helm. Doubleday had beforehand spent 9 years on the Monetary Conduct Authority (FCA).
Monzo has skilled a handful of top-level reshuffles in 2020. Co-founder Tom Blomfield left the bank’s board in July only a month after information broke of him stepping again right into a presidential position.
Monzo’s US CEO, TS Anil, stepped into the group CEO position following Blomfield’s transfer to president.
The challenger additionally accomplished a £60 million funding round in July. Coming in at a 40% low cost, it positioned Monzo’s valuation at across the $1.25 billion mark.
Talking to Sifted, Monzo CEO TS Anil says Nowell’s departure was fully amicable. He describes her as “an integral a part of Monzo”.
Churn strikes once more?
FinTech Futures explored the the explanation why fintechs and challenger banks typically expertise a high churn rate amongst their executives earlier this yr.
Since 2016, fintech unicorn Revolut has misplaced two chief danger officers, a chief compliance officer, two cash laundering reporting officers, and a chief info safety officer (CISO).
“The fact verify comes when the service [start-ups] provide is being captured by the monetary regulation or licence necessities,” Olivier Guillaumond, international head of ING Labs and fintechs, instructed FinTech Futures.
“Fintechs could have centered on the ‘tech’ half first, moderately than on any regulatory danger components coming from working in a closely regulated business.”