Monzo co-founder Tom Blomfield is leaving his post as the digital bank's chief executive to make way for "a numbers guy" as the company faces pressure to make money through the Covid-19 crisis, according to a person familiar with the matter.

Blomfield is stepping down as Monzo chief after five years at its helm to take on the newly-created role of president. TS Anil, who has led the bank’s expansion in the US since February, is set to replace him.