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
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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
57 min
2 speakers
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This is 20VC with me, Harry Stebbings, and today we feature what I believe is one of the greatest turnarounds in modern tech. When TS and IL took over Monzo, they had very little runway, they had a 40% down round, mega layoffs and very poor NPS for employees, with just 40 million in revenues. Today, they are the leading UK digital bank, they have 10 million customers, they have a billion in revenue and they are profitable, What an insane journey with TS at the helm. And today, he joins us in the hot seat to unpack it. This is a very special episode. But before we dive in today, Harvard Management Company is constantly seeking out the next generation of great investors and entrepreneurs. HMC has managed Harvard University's endowment for nearly 50 years and was one of the first institutional investors in venture capital.
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It's going to be built in a Rome virtual office, hopefully by you. That's Rome, R-O dot A-M, for an instant demo. You have now arrived at your destination. TS, I'm so excited for this. Listen, I've spoken to most of your cap table in preparation for the show, so thank you so much for joining me. Just waiting to be asked. Excited to be here, Eddie. Listen, we've had it in the calendar for a while. Now, I want to start with when you took over, it was a tough time. There was 40% down round. There was little runway. There was high engineering attrition. There was low employee MPS. It was tough. And also, you're in the US. Why did you decide to take on the challenge?
You know, to answer that question, I'm going to have to back up a little bit, Harry, back up because, as you know, I've spent many years in different sorts of financial services companies and banks around the world. Through it all, I had this big unscratched itch of really thinking that someone needed to reinvent the sector.
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