Monzo hires former Cash App exec Conor Walsh to lead renewed US expansion push
UK challenger bank Monzo has hired Conor Walsh, former head of global product at Square’s mobile payment service Cash App, as its new US CEO as it renews its push to tap into the US market.
Monzo hires Conor Walsh as new US CEO
Walsh will be tasked with executing the digital bank’s stateside strategy, product development and growth, marking the bank’s latest attempt to live out its American dream.
The bank has spent the last few years laying the groundwork for this move – one which the majority of European fintechs fail to successfully land. Monzo first announced its application for a US banking licence in April 2020, with former Visa executive, TS Anil, being brought in in December 2019 to head the pursuit.
With the departure of Tom Blomfield in January 2021, Anil stepped in to fulfil the role of UK CEO, while Carol Nelson, former CEO of Cascade Bank, was appointed in Anil’s place to continue the US push.
However, in October 2021, the bank announced its intention to withdraw its US licence application, at a time when it was facing annual losses of £115 million back in its native market. Nelson departed the position of US CEO the following year.
However, if at first you don’t succeed, try, try again – an agenda Monzo appears to be operating by with its latest appointment of Walsh, who prior to his six-and-a-half year tenure at Cash App, also served as CEO of mobile payments provider Verse.
