Monzo appoints former head of Northern Rock as chairman

Keiligh Baker's picture
by Keiligh Baker

Digital bank Monzo is expected to announce it has appointed the former head of failed bank Northern Rock to its board.

The London-based fintech firm is to announce Gary Hoffman as its non-executive chairman today, replacing Baroness Kingsmill who has chaired Monzo since 2015.

Hoffman will bring with him years of experience in traditional banking, having also previously served as the chair and chief executive of Barclaycard and as vice-chairman of Barclays.

He was appointed as chief executive of Northern Rock in 2008, helping to bring stability to the bank as the financial crash took its toll.

Once the UK's fifth-biggest provider of home loans, Northern Rock was the first British bank in more than a century to fail due to a bank run.

The news comes after Monzo raised £105m in a fundraising round last year, taking the digital bank's valuation above £1bn and landing it with so-called unicorn status.

With more than 1m monthly active users, Monzo chief executive Tom Blomfield has said he hopes to reach 3m active customer accounts by the end of this year.