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20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo

Feb 13, 2025

TS Anil, CEO of Monzo Bank, is celebrated for his extraordinary turnaround strategy, elevating the company from £40M to £1BN in revenue with over 10M customers. He shares insights on the most profitable aspects of Monzo's business and lessons learned during fundraising. Anil discusses the challenge of expanding in Europe and the U.S., revealing why many fintechs falter in the U.S. market. He also reflects on Monzo's culture, emphasizing the balance between strong values and rapid growth while contemplating the company’s IPO strategy.

56:15

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Episode guests

TS Anil

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

TS Anil's leadership transformed Monzo from a struggling tech company with £40M in revenue to a profitable digital bank generating $1BN, demonstrating strategic vision and operational resilience.

Monzo's approach prioritized customer engagement and ethical considerations over short-term profits, fostering trust and loyalty through a commitment to customer well-being in product decisions.

Looking ahead, Monzo plans to expand its reach into international markets by creating versatile financial products tailored to diverse customer needs while maintaining its core mission.

Deep dives

Transformational Journey at Monzo

When TS and Il took over Monzo, they faced significant challenges, including a 40% down round, major layoffs, and diminishing employee satisfaction. Despite these hurdles, they believed in restructuring the banking experience and aimed for impactful change in the sector. Under their leadership, Monzo transitioned from a company with limited runway and financial instability to the leading digital bank in the UK, now boasting 10 million customers and generating a billion in revenue. This remarkable turnaround illustrates how commitment to a mission and addressing fundamental organizational issues can revitalize a struggling company.

Intro

4min

Reinventing Banking: Monzo's Innovative Challenges

16min

Navigating Product Velocity and Market Expansion

17min

Navigating the IPO Decision

14min

Balancing Values and Ambition in Monzo's Culture

2min

Climbing Towards Ambition and the Soundtrack of Progress

2min

Closing Reflections and Insights on Innovation in Investment

3min

TS Anil is the CEO @ Monzo, where he has been the mastermind behind the greatest turnaround in tech in the last 10 years. When TS took over at Monzo they had £40M in revenue, very little runway, had a 40% down round and had large layoffs and low employee NPS. Today they are at £1BN in revenue, profitable and the UK’s largest digital bank with more than 10m customers.

From $40M Revenues to $1BN Revenues and Profitable:

1. What are the most profitable elements of Monzo’s business today? How will that change in time?

2. What did TS do with Monzo that he wishes he had not done? What did he not do that he wishes he had done?

3. How does TS approach expansion? How will he win Europe against the competition of Revolut?

4. Why have no European fintechs won when expanding into the US? What do they do wrong?

5. How does TS think about the decision to go public? Will he go public in London?

6. How does TS respond to the notion that Monzo has a “work life balance” culture in the face of the fierce culture of Revolut?

7. What have been TS’ biggest lessons from raising $1BN for Monzo from the largest institutions in the world? What was the easiest round? What was the hardest?

8. What three core traits does TS believe all great leaders need to have? If you do not have them, how can you develop them most efficiently?

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