Digital bank Monzo to create 300 jobs in Cardiff

Wednesday 9th January 2019 12:15 GMT

The loss-making London-based challenger bank, which is valued at more than £1bn, has received £950,000 from the Welsh government to support the move.

Monzo is the first challenger bank to set up a customer support centre in Wales and joins its larger rivals, Lloyds Banking Group, Barclays and HSBC, which also have hubs in Wales.

Ken Skates, Wales's economy minister, said the financial support was part of its plans for "supercharging the industries of the future and supporting businesses to innovate and compete in a rapidly evolving marketplace".

Monzo, which was founded just under four years ago by Tom Blomfield, a former management consultant, will create 312 jobs over the next four years.

More than one million people use its current account.

Mr Blomfield said: "Over the next few years, we'll be hiring hundreds of people into our Cardiff office as we grow our customer base by millions more people."

The company announced the appointment of Gary Hoffman as its non-executive chairman on Tuesday, as was first reported by Sky News.

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