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Monzo Picks Cash App Vet Conor Walsh for US CEO

Monzo new U.S. CEO Conor Walsh

British digital bank Monzo has named Conor Walsh to head its U.S. operations.

Walsh, a veteran of Cash App, was named the bank’s U.S. CEO on Wednesday (Oct. 4), according to a news release provided to PYMNTS.

“I’m delighted to welcome Conor to lead our strategy and growth in the US,” Monzo CEO  TS Anil said in the release.

“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. We’re all really excited for this next phase with Conor at the helm.”

Walsh spent more than six years at Cash App, where he was head of global product. He will lead on product strategy and growth for Monzo in the U.S., the release said.

“I’m thrilled and honored to join Monzo,” said Walsh. “I’m a long-time admirer and am excited about the huge opportunity to further expand our product and mission in the US. I’ve seen first-hand the difference it can make to provide access to world class financial solutions to everyone, and Monzo is at the forefront of that journey.”

Monzo says it is the largest British digital bank and that country’s seventh largest bank overall.

As noted here in May, when the company recorded its first monthly profit, Monzois one of the few European neobanks to reach that profitability goal.

“The fact remains that the field is crowded, the profits are thin, the jockeying for mind and wallet share is intense,” PYMNTS wrote in April, citing an estimate from global consultancy Simon-Kucher showing that under 5% of challenger banks are breaking even.

Meanwhile, PYMNTS intelligence has found that just 9% of consumers say they use FinTechs as their primary bank, while 47% showed reticence about using digital-only financial services.

According to the PYMNTS and Treasury Prime report “How Consumers Use Digital Banks,” consumers see services like PayPal, Venmo and Chime as “auxiliary banking services — supplements to the services offered by their more traditional banks,” with few of them using digital-only banks exclusively.

Putting aside those who have used PayPal and Venmo, “25% of consumers have used a neobank, digital bank or FinTech with bank-like services in the past 12 months. Just 10% of respondents said that their primary bank accounts are with digital banks,” the report said.