Creator of the fast growth digital bank known for its hot coral bank card, Monzo’s Tom Blomfield has won over 1 million customers and a £1 billion valuation in just 1000 days.
He shared his entrepreneurial journey with Michael last night on Capital Conversation.
Recalling how he would pitch the business in its early days, he made it clear that ambition has always been part of the bank’s DNA. “[We would tell potential investors] We’re building a powerful control centre for a billion people around the world.”
The mindset that anything was possible evidently resonated with millennials, some 60% of Monzo’s customers are aged 18-30, many of whom are attracted by a combination of the colourful bank card and the easy to use app.
There is no “silver bullet” to explain Monzo’s success, says Tom, but he says the business’s anti-establishment stance may provide the answer.
“Part of it is our moral, social mission. The very bold statement we made that we’re here to build a better bank and we want your help. It’s this idea that people don’t trust their banks.”
The change that Tom is after is not just limited to the banking sector. Technology giants are also ripe for disruption.
He tells Michael that he doesn’t agree with companies taking an “amoral, agnostic” stance, naming Google and Facebook as principal culprits:
“If you are a global company, you have an impact on the world. [So] I think there’s a moral imperative to make sure that impact is a positive one.”
Though he says big tech companies must take more responsibility, he remains optimistic about what businesses can do for the world.
“I think overall the impact of Facebook and Amazon and Google and Uber is positive for the world. I genuinely believe in the ability of technology to move society forwards.”
Watch the full episode here.