Monzo CEO On Death Threats, Depression & Digital Banking Wars: Tom BlomField
- Jun 27, 2021
- 1:48:46
- Full Episode
This weeks episode entitled 'Monzo CEO On Death Threats, Depression & Digital Banking Wars: Tom Blomfield' topics:
0:00 Intro 02:52 Why entrepreneurship? 06:04 What made you want to disrupt an industry? 16:32 Monzo & Starling rivalry 21:23 Starting Monzo 27:13 Wanting to be seen to be a success 33:59 What were the good times at Monzo? 39:07 What were the bad times at Mozo? 46:22 Was the business model of Monzo bad? 54:35 Leaving Monzo 59:08 Not sleeping because of the stress of the business 01:04:14 How was holding down a relationship while running the business? 01:07:47 The “red phone” in your bedroom 01:12:11 What was your life like outside of the business? 01:13:06 The road to leaving Monzo 01:20:29 The urge to go back 01:26:57 Death Threats 01:32:42 Enjoying the small things in life and relationships 01:35:34 Your purpose in life 01:36:49 Crypto currencies 01:39:51 The good things about being a CEO
Tom: https://twitter.com/t_blom https://www.linkedin.com/in/tomblomfield
Listen on: Apple podcast - https://podcasts.apple.com/gb/podcast/the-diary-of-a-ceo-by-steven-bartlett/id1291423644 Spotify - https://open.spotify.com/show/7iQXmUT7XGuZSzAMjoNWlX
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Sponsors: https://uk.huel.com/ https://fiverr.com/ceo
Brief Summary
Tom Bloomfield discusses the emotional challenges of entrepreneurship, mental health, and the realities of running Monzo, including press scrutiny and personal sacrifices.
Key points
- The Cost of Entrepreneurship. Tom Bloomfield shares the emotional and mental toll of building a startup.
- The Importance of Technical Skills. Tom emphasizes the value of being technical in entrepreneurship.
- The Importance of a Core Team. Assembling a skilled co-founding team is crucial for success. 'The core team is the most important thing.'
- The Magic of Banking Apps. The founders wanted to create a banking experience that felt magical, like using Spotify. 'Banking could be much better.'
- The Rollercoaster of Media Attention. Media coverage shifted from idolization to criticism as Monzo grew. 'It felt like a pile on.'
- Navigating Unprofitability. The speaker reflects on the challenges of maintaining profitability in a growing startup.
Episode highlights
- The Cost of EntrepreneurshipTom Bloomfield shares the emotional and mental toll of building a startup.“If I knew then what I knew now, I would never have done it.”0:18Jun 27, 2021
- The Importance of Technical SkillsTom emphasizes the value of being technical in entrepreneurship.“Learn to code, you're going to have a really well paying career.”9:12Jun 27, 2021
- The Importance of a Core TeamAssembling a skilled co-founding team is crucial for success. 'The core team is the most important thing.'“The core team is the most important thing.”23:13Jun 27, 2021
- The Magic of Banking AppsThe founders wanted to create a banking experience that felt magical, like using Spotify. 'Banking could be much better.'“Banking could be much better.”26:58Jun 27, 2021
- The Rollercoaster of Media AttentionMedia coverage shifted from idolization to criticism as Monzo grew. 'It felt like a pile on.'“It felt like a pile on.”41:01Jun 27, 2021
- Navigating UnprofitabilityThe speaker reflects on the challenges of maintaining profitability in a growing startup.“Hindsight's a wonderful thing.”49:47Jun 27, 2021
- The Weight of AnxietyThe speaker shares their struggle with anxiety and the pressures of leadership.“I want the life three seconds ago where I can wake up and not be worried.”1:02:41Jun 27, 2021
- The Red PhoneA pink Nokia phone served as a lifeline during crises at Monzo.“If it rang, it was because the bank was down.”1:09:05Jun 27, 2021





