Introduction
Tom Blomfield co-founded Monzo (originally Mondo) in 2015 after a stint at Starling and GoCardless. Monzo now boasts ~12 million users, hit £1.235 billion revenue and £60.5 million pre-tax profit in 2025, and is preparing for a potential £6 b IPO with Morgan Stanley’s support
🎙️ The Interview
1. How did your fintech journey start?
Tom: Founded GoCardless in 2011, joined Starling in 2014, then launched Monzo in 2015 to build a mobile-first, transparent bank.
2. What was the vision behind Monzo?
To create a “smart” bank: real-time app, instant notifications, budgeting tools and delightful UX.
3. Why leave Starling?
I loved the mission but wanted a more product-driven startup; Starling wasn’t the right fit.
4. How did Monzo scale post-launch?
By iterating rapidly, building a cult-like brand (with the coral card), and focusing on user trust and engagement.
5. What’s your take on customer love vs support?
Monzo’s loyal users are a strength, but support quality must catch up as scale grows.
6. Why focus on Europe and avoid a premature IPO?
We’re building the product and expansion (EU via Ireland, US pilot) first—IPO is too early.
7. How does Monzo compare to Revolut, N26?
Monzo emphasizes trust and primary banking relationships—1/3 of customers use us as their main bank.
8. What product verticals excite you?
Subscriptions: Monzo Extra/Perks/Max used by 870k customers; investments, insurance—testing everything.
9. How did COVID impact Monzo?
Losses widened, but we stayed focused on core banking; later rebuilt stronger.
10. Tell us about recipe AI app?
I’ve launched an experimental AI generator “Recipe Ninja”—a fun side project.
11. What’s the IPO plan?
Evaluating a £6 billion dual-market float (London/NYC), likely in 2026 once scale and structure align.
12. What’s the EU strategy?
Ireland is our EU hub; core banking products slated across Europe over the next year.
13. What leadership lessons did you learn?
Scale with discipline: build team, communication, and compliance—not just product.
14. What fintech trends are you watching?
AI in banking, embedded finance, cross-border tooling—product layer remains king.
15. Advice for future founders?
Pick missions that matter, embrace rapid iteration, prepare for regulation early.
📋 Monzo at a Glance
Services
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Personal & business current/savings accounts
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Subscriptions (Extra, Perks, Max)
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Budgeting, auto-savings, real‑time notifications
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Overdrafts, lending, insurance, investments
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US pilot via Sutton Bank, EU expansion via Ireland
Competitors
Revolut, N26, Starling, Wise, Qonto
Positioning
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~12 m users; 1/3 primary bank
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£1.235 b revenue (+48 % YoY), £60.5 m profit (FY 2025)
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Preparing £6 b IPO in early 2026
🔍 Related Searches
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Tom Blomfield Monzo IPO 2026
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Monzo expansion Europe via Ireland
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Monzo subscription revenue growth
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Monzo customer support quality
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Recipe Ninja AI app Tom Blomfield
❓ FAQ
Q: Is Monzo profitable?
A: Yes—£60.5 million pre-tax profit in FY Mar 2025 (+4× YoY)
Q: When is Monzo IPO?
A: Likely in 2026, potentially in London or New York; timeline still flexible.
Q: Are deposits secure?
A: Yes—covered under UK FSCS protection.
Q: Where is Monzo expanding?
A: Ireland for EU; US pilot via Sutton Bank; future global ambitions.
Q: What’s Recipe Ninja?
A: Tom’s AI-powered recipe app side project launched in early 2025.
