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Monzo source tells me the termination of Tom Blomfield as a company director is just part of the CEO to president move. Monzo's new CEO will join the board and the other board seat it taken by the CFO.
Tom B will still attend board meetings and he'll retain voting rights based on the shares he owns in Monzo.
When I spoke to Tom last year, he said Monzo's biggest shareholders are "Passion Capital, Thrive, Stripe, Accel, Y-Combinator, General Catalyst. And then the staff. And the founders."
At the time, investors owned about 70% of Monzo and management and staff owned about 30%.
At the time, investors owned about 70% of Monzo and management and staff owned about 30%.
At that time, Tom himself own owned "Less than 10%, more than 5%."
Now Monzo raised a £60 million down round at a reduced valuation of £1.25 billion in June.
Tom also sold a bunch of his shares so it's unclear how much of Monzo he owns now. Probably less than 5%..? https://www.thetimes.co.uk/article/monzo-bosses-share-millions-from-sales-s9v89cm8v
Tom also sold a bunch of his shares so it's unclear how much of Monzo he owns now. Probably less than 5%..? https://www.thetimes.co.uk/article/monzo-bosses-share-millions-from-sales-s9v89cm8v
