Digital bank Monzo has made more personnel changes, as it continues to strengthen its executive team.
Sujata Bhatia, a former SVP and general manager, Europe at Global Merchant Services at American Express, will be serving as Monzo’s new chief operating officer.
Bhatia will be replacing former company COO Tom Foster-Carter, who left Monzo in November 2019 to establish his own business.
Monzo’s management said that Bhatia’s appointment is currently under review by regulatory authorities. If approved, she will begin serving in her new COO role in June of this year.
Before Monzo, Bhatia worked for 16 years at American Express. Prior to taking on her current role as SVP of merchant services in Europe, she served as the firm’s SVP of Global Strategy and Capabilities, where she managed a team of around 400 professionals who worked in 23 different international markets.
Bhatia’s appointment has come after Mike Hudack joined Monzo as the firm’s new chief product officer. He’s the ex- CTO at Deliveroo and former founding partner at UK-based VC firm Blossom Capital.
Meri Williams, Monzo’s former CTO, recently left the digital bank, claiming that she wanted to voluntarily assist with “cost-cutting measures.”
Last month, Monzo confirmed that it had applied for a banking charter in the US. The neobank has been planning to enter the US market for a fairly long time.
A beta launch in the US was announced in late 2019. The banking challenger, which has been valued at over $1 billion, has managed to almost double its client base during the past year.
Monzo reportedly had 2.2 million UK-based clients in June of last year, when it first revealed its plans to expand its banking operations into the United States.
The Monzo team noted in its application:
“We are delighted to have this opportunity to apply for a national bank charter, and hope that this will allow Monzo the opportunity to bring its products and services to the US market.”
“We believe that Monzo will be able to provide American consumers with better banking and financial products than current offerings in the US market, with lower fees and charges, better customer service, and a superior digital app experience that consumers now expect.”