Monzo Expands into the Pensions Market
UK neobank Monzo is planning a move into the vast pensions market. With over 7.5 million customers and consistent profitability, Monzo is now looking to offer pension products to its users. To spearhead this new venture, Monzo is hiring a product manager who will be responsible for overseeing the launch and growth of their pension offerings.
The product manager role, which comes with a salary of £75,000-£100,000, is part of Monzo’s savings & investment division. Although the neobank currently only provides cash savings accounts, it has been rumored to expand its range of wealth products.
Earlier this year, Monzo was searching for a leader for its wealth arm, emphasizing the importance of building a comprehensive suite of wealth products. The move into the pensions market presents a significant opportunity for Monzo, as pensions are one of the largest segments in the wealth industry. Other fintech companies, including Cushon and Nutmeg, have already been acquired by traditional financial institutions due to their expertise in pensions and investment products.
