Monzo co-founder Tom Blomfield is moving from being chief executive to the newly created role of president.

US chief executive TS Anil will become the chief executive across both the UK and US.

Anil joined the digital challenger bank at the end of last year, moving from being Visa's global head of payment products and platforms. He also has a great deal of banking experience from executive roles at Standard Chartered, Citi and Capital One.

The move means Blomfield will have more time to spend on Monzo's longer-term vision, product and how it can best serve customers. Meanwhile, Anil can concentrate on the more regulated aspects of running a bank.

“I went through all the stuff I love about my job, and it was all the stuff I did in the first two or three years,” he told TechCrunch. “And I went through all the stuff that drains me, and it’s all the stuff I’ve done in the last two years, honestly - things I think TS is awesome at.”

Last week it was reported that Monzo is closing in on £70 to 80 million in top up funding, although this is likely to come at around a 40 per cent reduction of its previously £2 billion valuation as part of its last funding round last June - with a new valuation of £1.25 billion.

Earlier this year, Blomfield told Reuters that Monzo is looking to hire 500 new members of staff worldwide, as part of a strategy to grow customers numbers to 5.5 million this year. He also said the challenger bank would continue to expand its operations and has plans to charge some customers for services in a bid to turn a profit.

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