Conor Walsh becomes the new CEO of Monzo’s US branch

Monzo, a rising digital bank headquartered in the UK, is making a new push into the US market, and it hired a new executive to lead its branch on the opposite side of the Atlantic.

The new addition to the company is none other than Cash App’s former global product head, Conor Walsh, who spent over six years at Cash App. Now, he will join Monzo US as the branch’s new CEO, leading on product, growth, and strategy.

Monzo makes a new move after years of struggling to kickstart services in the US

By hiring Walsh, Monzo unveiled its intention to double down on the US market and start a new phase of development in this ecosystem. So far, the bank has had a presence in the US for several years, although most of that time was spent in beta. After years of groundwork, it finally concluded this stage of development in early 2022.

Before that, the company hired TS Anil, Visa’s global head of payment products and platforms, to lead its US plan. This was back in late 2019, and the bank sought Anil’s help in securing a banking charter.

Two years later, in 2021, Anil became boss of the UK operations, while the US branch came under the leadership of Carol Nelson. Unfortunately, Nelson left the position only a year later, after the license application was abandoned. Reports from October 2021 state that the bank was forced to abandon its bid for a US banking license after a fruitless two-year discourse with the local regulators.

In its own statement, Monzo said at the time: “Following recent engagement with the OCC (Office of the Comptroller of the Currency), we’ve decided to withdraw our banking license application for our US start-up. While this isn’t the outcome we initially set out to achieve, this allows us to build and scale our early-stage product offer in the US through existing partners and invest further in the UK.”

Walsh takes over the US branch

It has been two years since then, and now, Monzo has brought in Walsh as its newest hire, with hopes that he will finally be able to lead its US branch to prosperity. However, Monzo does not plan to stop with Walsh, as it also seeks to hire more tech talent and build on a product that is currently available. Right now, the bank can offer money management features and a contactless debit card to US customers.

Walsh said that he is thrilled and honored to join Monzo. “I’m a long-time admirer and am excited about the huge opportunity to further expand our product and mission in the US,” he noted.

Meanwhile, TS Anil also commented on the new development, saying: “I’m delighted to welcome Conor to lead our strategy and growth in the US. He brings the perfect mix of skills to lead the team as we build the best product for the American customer and grow our US business.”