UK neobank Monzo names Walsh as US boss

UK challenger bank Monzo named Irishman Conor Walsh to lead its US business as it plots a second attempt at expanding across the Atlantic.

Mr Walsh will lead its operations there as it prepares to expand beyond the UK. The so-called neobank first attempted to set up a US operation in 2019 but withdrew its application for a US banking licence after more than two years of negotiations with regulators, in 2021. At that time, US regulators had reportedly told the company its application would not be approved, according to the Financial Times.

Mr Walsh joins Monzo from Jack Dorsey’s Square, where he had been head of global product for its Cash App for the past six years. The UCD engineering graduate had been a consultant with Bain for more than eight years in London and San Francisco before joining Square in 2016, according to his LinkedIn profile.

Mr Walsh is “thrilled and honoured to join Monzo. I’m a long-time admirer and am excited about the huge opportunity to further expand our product and mission in the US,” he said in a statement. “I’ve seen first-hand the difference it can make to provide access to world-class financial solutions to everyone, and Monzo is at the forefront of that journey,” he added.

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The Irishman “brings the perfect mix of skills to lead the team as we build the best product for the American customer and grow our US business,” Monzo chief executive TS Anil said.

Monzo has been one of the highest profile online banks in the UK, where it is a competitor to the likes of Starling and Revolut. It has about 8.4 million customers and more than 300,000 business customers, according to its own stats.

The company was valued at $4.5 billion (€4.25 billion) as a result of its most recent round of fundraising in 2021 that was led by the Abu Dhabi Growth Fund. It made a profit in its fiscal 2023, two years after auditors had warned about its ability to operate as a going concern. The business was hit hard by the pandemic but appears to have bounced back since then. In July it was reported to be in talks with Norwegian business Lunar Bank in an effort to jump start its expansion into continental Europe. The Norwegian company is valued at about $2.2 billion.