You may not be familiar with Tom Blomfield on your celebrity list. Of course, he does not serve himself as a celebrity or artist, but he’s famous as a successful British entrepreneur. Tom is one of the richest CEOs in the UK where he becomes the president of Monzo, a digital bank.
Considering Tom is categorized as one of the richest persons in the U.K, surely many people really want to know what Tom’s net worth is and how much he makes money through his position as the CEO of digital Bank. So, if you’re curious too, let’s talk more about him on our post below!
Tom Blomfield’s Net Worth
According to techround.co.uk, Tom’s stock in Monzo Bank is valued at £140 million, on the back of a £2 billion valuation of the business. With his stock value, he has position at 858 from 1000 on the wealthiest people list in the UK where people are ranked by net wealth.
Tom Bloomfield’s Career
At the age of 21 while studying at the University of Oxford, Tom co-founded Boso.com. He definitely received £1,000 prize from a business plan competition in 2004 and ran the company from 2004 to 2006.
Unfortunately, Boso.com struggled to earn money as a result of having difficulties connecting with the investors. Therefore, the business was sold to a Canadian company for millions upon which it was made into a tool for eBay users.
Tom then studied at Universite Pantheon-Assas (Paris II) from 2005 to 2006 and then returned to Oxford to study for a master’s degree in Law from 2007 to 2008. He then decided not to want to be a lawyer, after a few internships with law firms.
After graduating from the university, Tom worked at OC&C Strategy Consultants as an Associate Consultant for nearly two and a half years. At this company, he was working on baby car seats, dog and cat food, debt collection, frozen pizza and one company that refurbished passenger airlines as well as a few pub chains.
During his profession as a consultant at OC&C Strategy Consultants, he co-founded GoCardless in 2011, a payment firm. GoCardless provided direct debit processing for business. This company rose to be popular after receiving a £125,000 investment from Y Combinator.
During his three years at the company, this company raised around £35 million of investment and hired 100 people. However, it struggled to get seed capital. It meant the company ran for 3 years until Tom realised he should get another job. Once moving to Silicon Valley from GoCardless, Tom moved to New York where he landed a job at Grouper, a dating site as their Head of Growth.
In the year of 2011, Tom first met former Allied Irish Banks and Royal bank of Scotland banker Anne Boden where Anne had the idea for a digital bank. He then joined Boden at her company Starling Bank which was at that point one of the first digital banking companies.
Unfortunately, he was fired in 2015 once reports of disagreements at Starling, telling the Financial Times that ‘he could not comment under the terms of his departure’. After a year, he then decided he wanted to set up another start-up.
Well, the Start-Up here was Monzo Bank which had the original name of ‘Mondo’ until it faced copyright claims and was set up in 2015. He then lives back in London now, in East London and after being the CEO for more than five years, he is stepping down to be the president of digital bank Monzo.
Tom Blomfield’s Life
Tom Blomfield was born on August 11, 1985 in Hong Kong. He lived with his mother and father. His mother was an artist and his father was an entrepreneur, after setting up an engineering company in his mid-30s. When Tom was child, he moved to London to attend grammar school in Amersham, Buckinghamshire.
Tom spent his childhood learning programming languages, singing and playing sport, even though he was rejected by his school choir for being tone deaf and insensitive. He also spent his spare time making pottery and has travelled to east Africa including Uganda, Kenya, Zanzibar and Rwanda.
Tom always worked very hard. When he was attending the University of Oxford, he put in 90-hour working weeks. He then completed an undergraduate degree studying Law between 2003 – 2007 and a Masters in Law between 2007 -2008.
In his spare time, Tom would play croquet and attend baking classes and even became a World of Warcraft addict during his year studying abroad in Paris.
Tom Blomfield’s Awards
In 2013, he was recognized as one of the top five entrepreneurs under 30 by the European Commission. Then, in 2019, he was appointed an Officer of the Order of the British Empire (OBE) in the 2019 New Year Honours for services to Improving Competition and Financial Inclusion in the Banking Sector.
About Monzo Bank
Monzo Bank, a digital bank provides people’s solving problem, not selling financial products. All customers of Monzo have current accounts by default in which they can control their spending through the app.
With 40,000 people signing up every week, Monzo Bank has secured over 3.8 million registered customers. They are able to diversify for attracting users of all ages to its in-app customer service. This app is favored for its use of bringing finances together, well, Monzo Bank makes it easy to sign up.
By 2016, Monzo Bank raised around £1 million in 96 seconds which made this the fastest crowdfunding raise in history at more than £10,000/second. It was raised by more than 1800 individuals who became investors.
By 2017, more than £12 million was promised in their second crowdfunding campaign. Increasing five times the amount they intended, over 41,000 people pledged money. Then, around £20 million was raised in two days with the help of 36,000 investors in 2018.
The Monzo team has used this capital to power the business’ growth and sustainability and also launch in the United States. In this year, Monzo Bank is looking to raise between £70 and £80 million to help it as the pandemic of Covid-19.