Monzo Lays Out Big Plans for 2020 with Staff Push and U.S. Launch

Monzo CEO Tom Blomfield sat down with Reuters to talk about the progress the digital bank has made and the plans that are ahead for 2020 and beyond; the company is looking to hire 500 more staff to bring their total headcount to more than 2,000; Blomfield also had some comments about the recent news with N26 leaving the UK market; “In the US we are laying the groundwork, but not looking for explosive growth,” Blomfield told Reuters. “The lesson there is if you take a product and just move it across unchanged it doesn’t do well-N26 didn’t connect.”; Monzo expects to hit more than 5.5 million customers by end of 2020 and relaunch a paid for account in Q1 after learning lessons from the previous paid product; while the bank is not profitable to date, they expect to reach profitability within the next few years as they eye a potential IPO. Altfi