Monzo co-founder Tom Blomfield has stepped down as chief executive of the challenger bank, taking up a newly created president role at the digital lender.

TS Anil, Monzo's chief executive officer for its US operations, is set to replace Blomfield. Prior to Monzo, Anil was head of payment products and platforms at Visa. He joined the challenger bank in December 2019. His new role is subject to regulatory approval.