Yesterday I caught up with Tom Blomfield, co-founder and CEO of “challenger” bank Monzo.
The startup is building a digital-only bank, or “smart bank,” as Blomfield calls it, and last August was granted a U.K. banking licence “with restrictions” by the U.K. regulators FCA and PRA, as it prepares to launch a full current account later this year.
It’s the hardest thing I’ve ever done in my life
In our call, we talked about why Blomfield and his 80-plus team are building a new bank, whether or not we are in a fintech banking app bubble and what he thinks the impact will be of upcoming PSD2 EU regulation intended to force incumbent banks to open up.
You can listen to a lightly edited version of the interview below.