Tom Blomfield, the founder of Monzo, is set to leave the U.K. challenger bank at the end of the current month, as communicated to staff earlier today.

Blomfield previously served as Chief Executive Officer until May of last year. At that time, he transitioned into the newly established position of president and stepped down from the Monzo board. After taking time to contemplate his future with the bank he established six years prior, and with a revitalized leadership team now in place, he believes the appropriate moment has arrived to “pass on the leadership.”

During a concise and open conversation, Blomfield also shared that he experienced dissatisfaction during the past two years as CEO, as the company expanded significantly beyond its initial “startup” phase. He further noted that the pandemic and the resulting lockdowns intensified the pressures on his personal well-being. He states, “I am very willing to discuss what has transpired with me, as I believe this topic is often overlooked.”

“I likely ceased to find fulfillment in my position approximately two years ago… as we evolved from a nimble startup focused on innovation and creating products that customers loved, into a substantial U.K. banking institution. I’m not suggesting one state is preferable to the other, but rather that my passions lie in collaborating with small, dedicated teams to initiate and nurture ventures from the ground up, and to develop offerings that resonate with customers. I believe this represents a valuable skillset, however, guiding a bank with three, four, or five million customers toward ten or twenty million, achieving profitability, and completing an IPO presents distinct and challenging objectives—ones that, frankly, I didn’t find particularly appealing or suited to my strengths.”

In early 2019, recognizing he was “overextended and not enjoying his work,” Blomfield initiated discussions with Monzo investor Eileen Burbidge of Passion Capital, and Monzo Chair Gary Hoffman, regarding a potential role change and the need for additional support. He explains that “COVID simply amplified these issues,” a period during which Monzo also implemented staff reductions, closed its Las Vegas office, and secured bridge funding through a publicized down round.

“I believe that many individuals worldwide—and we have discussed this—experienced an impact on their mental health due to the pandemic, lockdowns, and the associated isolation,” Blomfield says. “I was no exception, and I found myself struggling. Fortunately, I had a remarkably supportive executive team and a highly receptive group of investors who were understanding when I requested assistance.”

Blomfield also clarifies his role as president, explaining it was designed to provide him with the time and space to recover and determine whether he would return to Monzo in a longer-term capacity or ultimately depart. Contrary to reports, Blomfield asserts that he was not forced out by investors. Instead, the Monzo board encouraged him to remain as CEO for a longer duration than he desired or perhaps should have (a perspective supported by independent sources). “When I assumed the role of president, the outcome remained uncertain,” Blomfield states, offering an apology if his previous statements created a different impression.

(It is worth noting that shortly after the initial reporting, it became apparent that Blomfield’s return was far from guaranteed, with multiple sources, including those close to him, expressing concerns about his level of burnout. Following further investigation over several months, sufficient information was gathered to prepare a follow-up report, but publication was delayed until a formal decision was reached.)

Currently, Monzo serves nearly 5 million customers, an increase from 1.3 million in 2019. The bank’s total weekly revenue is now 30% higher than pre-pandemic levels, boosted by over 100,000 paid subscribers to Monzo Plus and Premium over the last five months (sources indicate the company exceeded £2 million in weekly revenue in December for the first time). Despite a lower valuation, the challenger bank also secured £125 million in funding from both new and existing investors during the pandemic.

Blomfield also points out that Anil, Bhatia, and other members of the Monzo executive team possess specialized skills—skills he himself does not have—related to scaling and managing a bank with an approaching 5 million customer base. He has also learned that certain aspects of leading a large organization are simply not enjoyable for everyone.

“Transitioning from a CEO role with constant, direct engagement to a less demanding position has significantly reduced my stress levels and provided me with the time and space to recover,” he adds. “I am now feeling quite well and enjoying life once more.”

Regarding his future plans, Blomfield states he intends to “relax” for a period and potentially take a vacation. He is also completing his training to volunteer in the U.K.’s national COVID-19 vaccination program. A recent social media post by Blomfield sparked speculation about a new venture, but he clarifies that it was a five-day project intended to rekindle his coding skills and experiment with a robotic 2D printer. While he has definitively left Monzo, he expresses his continued support for the company’s success.