Monzo’s COO quits to launch a grocery start-up
Monzo’s chief operating officer, Tom Foster-Carter, is to leave the digital bank to launch a grocery start-up, according to The Sunday Times.
Foster-Carter, who became COO in August 2017, told the newspaper he was quitting Monzo to develop tech which will “help the incumbents” in the supermarket price wars.
“It is a race to the bottom on pricing. I want to be able to help them,” notes Foster-Carter.
He joined Monzo from Curve, which he co-founded. Prior to Curve, he was COO at kids banking app Osper, as well as spending three months at the London-based challenger bank Tandem.
Earlier in his career, Foster-Carter worked as a case team lead at Bain and a business analyst at Accenture.
“I have seen the power of building a product and brand that people love,” says Foster-Carter. “The time is right for me to recreate it in a new industry.”
The departure of Foster-Carter is the latest in a few personnel changes at Monzo.
Last month, Monzo appointed ClearBank’s chief risk and compliance officer Lisa Nowell as its new CRO. The challenger has also appointed Deloitte consultant Sheree Atcheson as its head of diversity and inclusion.
In September, Monzo scrapped its Monzo Plus subscription service and replaced its 11-person development team.