Tom Blomfield, who founded Monzo in 2015, has departed the company.
Blomfield had stepped down as CEO to become President in May last year.
He was also on the founding teams of Starling Bank and GoCardless.
The Founder has cited pressures for the pandemic and his mental wellbeing as reasons for the decision.
What does this mean?
Speaking to TechCrunch’s Steve O’Hear, Blomfield was candid about the impact the past year or so has had on his wellbeing – both in terms of the Covid-19 pandemic, but also as Monzo becomes a fully-licensed bank with a larger number of customers.
He said he was keen to speak out about mental health as it’s something he feels founders don’t do enough, but also says he has simply recognised where his skills lie. As the bank mulls an IPO, he tells TechCrunch this will bring “hugely exciting challenges, just honestly not the ones that I found that I was interested in or particularly good at”.
Blomfield has no immediate plans, but it will be interesting to see if the successful Founder looks to go back to the early-stage startup life he enjoys most.