20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo

This interview podcast features Harry Stebbings interviewing TS Anil, CEO of Monzo Bank, about the bank's remarkable turnaround. The conversation begins with Anil's reasons for taking on the challenge of leading Monzo during a period of significant financial and operational difficulties, including a 40% down round and high employee attrition. Anil details the multifaceted approach to solving Monzo's problems, emphasizing the interconnected nature of challenges related to capital, product development, regulation, and team building. The discussion then shifts to Monzo's product strategy, including the decision to avoid offering cryptocurrency trading, the sequencing of product launches (e.g., investing products), and the importance of customer engagement and high average revenue per user (ARPU). Finally, the interview touches upon Monzo's future plans for international expansion, focusing on the US and Europe, and the challenges associated with scaling a regulated financial institution. Anil's ARPU for retail customers is £145, and £550 for small business customers.