Monzo co-founder and UK CEO Tom Blomfield has stepped down from his role.

In Brief:

• He will now become President in a newly created role.

• He is replaced by current US CEO TS Anil.

• Anil will be “Monzo UK Bank CEO” while retaining his US role.

What does this mean?

This is a fairly common step as a startup matures: it allows founder Blomfield to focus on the long term vision and Monzo’s products while Anil runs the company on a day-to-day basis.

Read more here.