Tom Blomfield has a grand vision for his fintech startup, Monzo: “To build an app where you can visualise all your money, pension contributions, credit card activity, student loan and direct debits. All in one place and managed by software. Nothing less than a generational leap forward.”
Tom has certainly got form for changing how we pay; in 2010 he co-founded GoCardless – a business that he has since left but is currently handling $1bn worth of transactions per year. Monzo, the smartphone-only bank account, has 400,000 users just two years after its launch. Its technology updates Monzo balances instantly and sends intelligent notifications to the user.
“We value transparency,” says Tom when asked about the company culture. “We believe transparency creates a happier, more productive organisation that is confident to work autonomously. When information is siloed, you tend to make worse decisions because you don’t have the context.”
There’s a grand philosophy behind the openness, explains Tom: “Banks have basically destroyed consumer trust in banking and we’re helping rebuild that trust with our transparency.”