At Monzo we believe there’s a better way to do banking - we care deeply about our customers, are innovative and we execute quickly.

We’re looking to revolutionise the way consumers manage their finances by putting them in control and promoting their financial wellbeing. As part of that effort we are developing lending products that genuinely feel good and are looking for highly intelligent and creative individuals to help us on our journey.

At Monzo, we're building a bank that is fair, transparent and a delight to use. We’re growing extremely fast and have over 3 million customers in the UK, with over 250,000 new people joining every month. We’ve built a product that people love and more than 80% of our growth comes from word of mouth and referrals.

The Role

At Monzo we are split teams into highly autonomous multi-functional ‘squads’ - each empowered and equipped to tackle a specific problem for our users. As Head of Credit Risk you would lead our Credit & Controls squad. They oversee development of the logic and the systems associated with working out who we lend to and how much we lend, and then how we collect that money back.

You would be responsible for:

  • Provisioning including IFRS9, write offs and management of our P&L credit loss line
  • Setting and monitoring the credit risk control framework (e.g. early warning indicators, risk appetite etc.)
  • Ensuring we build our products and lend in a compliant and consumer-centric way
  • Monitoring and communicating the level of credit risk we’re taking
  • Hiring, managing, coaching and developing analysts within the the squad
  • Communicating insights relating to our lending portfolio and gaining buy-in to strategy changes from stakeholders across the business, at all levels up to and including board level
  • Oversee the quality of the analysts' work within your squad, ensure they are adopting best practices and sharing knowledge effectively

Ultimately you would be responsible for ensuring that we understand and manage the credit risk we’re taking, and that we do so in a way which continues to support our rapid growth ambitions. Achieving this control vs growth balance is likely to require substantial first principles thinking and challenging existing ways of doing things.

You should apply if:

  • You’re a real expert in consumer credit risk management and understand the detail behind how to optimise all of the various components that make lending products profitable
  • You understand the details of IFRS9 provisioning, capital allocation, P&L modelling and stress testing
  • You have a solid understanding of how lending products work to generate profit including experience of building and using tools like Customer Lifetime Value and/or Net Present Value modelling and how income and losses are recognised on the P&L
  • You have a deep understanding for credit risk measurement and control frameworks and are able to set these up from scratch using first principle thinking
  • You’re self-motivated, highly organised and focussed on impact
  • You’re comfortable with ambiguity and can think from first principles
  • You’re happy taking an MVP approach and doing what’s good enough for now
  • You have strong analytical skills (previous experience of SQL is a must, R, Python, SAS, VBA and similar are a plus)
  • You’re excited about the future of banking and want to work with us to shape it
  • You’re able to build strong, mutually respectful relationships with diverse teams


The application process consists of a short phone interview, followed by a practical written exercise with a follow up call, and a couple of on-site interviews at our office in London.

We care deeply about inclusive working practices and diverse teams. If you’d prefer to work part-time or as a job-share, we’ll facilitate this wherever we can – whether to help you meet other commitments or to help you strike a great work-life balance. We’re keen to ensure we’re designing a bank that works for everyone, so we particularly encourage applications from different underrepresented demographics.

Competitive salary plus stock options and other benefits.

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