Monzo has brought on a former executive from Brazilian fintech Nubank as its new group CFO following the departure of James Davies. 

Tom Oldham, who most recently worked as the chief investment officer at the carbon credit fund manager Mombak, will oversee Monzo’s financial strategy as the company plans to expand overseas. 

“I’ve been a Monzo fan for years, so I’m excited to be joining this brilliant team as the company goes from strength to strength, with customers at the heart of its strategy, in the UK and beyond,” Oldham said. 

The new finance chief will replace Davies, who in October was made the CFO of energy supplier OVO.

Alongside Oldham, Monzo has appointed Mark Newbery as its UK CFO. The former head of investment banking at Barclays will manage Monzo’s financial dealings on the home front while the group eyes an expansion into Europe via Ireland and continued expansion into the US. 

“I’ve long admired Monzo for its customer focus and passion. In a short space of time, Monzo has become a UK household name, improved the financial lives of millions and transformed how banking is done; there’s so much more in our sights,” said Newbery. 

Group CEO TS Anil added: “[Tom and Mark’s] appointments are yet another example of us truly bringing together the best of banking and technology in pursuit of our mission to transform the financial lives of millions of people in our home market and beyond.” 

Monzo has by all accounts had a strong 2024, posting its first full year of profit in June, entering the pensions market in July, surpassing 10 million UK customers and topping the CMA banking league table for the fourth time in a row in August before securing a £4.5bn valuation in October. 

Though the challenger bank’s performance has all the markings of a successful year, its competitor Revolut has been keen to take the spotlight, having last week thrown a two-day festival headlined by Charli XCX in celebration of reaching 50 million users globally. 

Read more: Monzo co-founder blasts competition regulators as ‘religious zealots’ 

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