Block vs Monzo: Founders, CEOs and History
Block was founded in 2009 by Jack Dorsey, Jim McKelvey and is led by Jack Dorsey. Monzo was founded in 2015 by Tom Blomfield, Jonas Huckestein and is led by Diana Layfield.
Company facts
Founders
Block
Jack Dorsey
Dorsey co-founded Square in 2009 with Jim McKelvey after McKelvey lost a glass sale he could not take by card, and has run the company ever since: through the 2015 IPO, the rise of Cash App, the December 2021 rename to Block, the Afterpay purchase and, in Febr…
Jim McKelvey
McKelvey's lost $2,000 glass sale is Square's origin story. He worked with Dorsey and engineer Tristan O'Tierney on the first reader and the flat-pricing business model, and later wrote 'The Innovation Stack' (2020), which explains how Square survived copycats…
Monzo
Tom Blomfield
Tom Blomfield co-founded Monzo (originally Mondo) in 2015 and was its CEO until 2020, leading it from a prepaid card to a licensed UK bank with millions of customers.
Jonas Huckestein
Jonas Huckestein co-founded Monzo in 2015 and served as its first CTO, helping build the bank's own cloud-based core banking platform instead of buying legacy software.
CEOs and their tenures
Block
- Jack Dorsey2009–present
Co-Founder, Block Head and Chairman (Chief Executive)
Has led Square and Block since 2009: the 2015 IPO, the growth of Cash App, the 2021 rename to Block, the Afterpay purchase, bitcoin projects such as Bitkey and Proto, and the February 2026 cut to just under 6,000 employees.
Source - Alyssa Henry2014–2023
Seller Lead, then Chief Executive of the Square business
Joined from Amazon in 2014 as seller lead and became chief executive of the Square business when the parent was renamed Block in December 2021.
Source
Monzo
- Tom Blomfield2015–2020
Co-Founder and former CEO
Founded Mondo in 2015, led the crowdfunding rounds and 2017 banking licence, and stepped down as CEO in 2020.
Source - TS Anil2020–2026
Chief Executive Officer
Joined in 2018 to run Monzo's US business, became CEO in 2020 and led the turnaround to profitability, growing customers from about 4 million to over 13 million before moving to an advisory role.
Source - Diana Layfield2026–present
Group Chief Executive Officer
Former Google executive (EMEA partnerships, Search, International and Growth) and CEO of Standard Chartered Africa from 2011 to 2015. Became Group CEO in February 2026 and led the decision to exit the US.
Source
Timeline: Block and Monzo side by side
2009Block
Square founded in St. Louis
Jack Dorsey and Jim McKelvey start Square in February 2009 after McKelvey loses a $2,000 glass sale because he cannot take an American Express card. With engineer Tristan O'Tierney they build a reader that plugs into a phone's headphone jack.
2010Block
Square reader and app go public
Square releases its free card reader and app, letting individuals and small sellers take card payments on a smartphone at one published rate instead of signing a bank merchant contract.
2011Block
Visa invests in Square
Visa makes a strategic investment in Square in April 2011, a sign the card networks saw the startup as widening card acceptance rather than threatening it.
2012Block
Starbucks deal
Starbucks invests $25 million and Square starts processing card payments at about 7,000 U.S. Starbucks stores, with Dorsey joining the Starbucks board.
2013Block
Square Cash launches
Square launches Square Cash in October 2013, letting people send money to each other by email. It later becomes Cash App.
2014Block
Square Capital and Caviar
Square starts lending to its own sellers through Square Capital in May 2014, with repayments taken as a share of daily card sales, and buys food delivery service Caviar.
2015Block
IPO on the New York Stock Exchange
Square lists on the NYSE as SQ on November 19, 2015 at $9 a share, a valuation of about $2.9 billion, raising about $243 million.
2015Monzo
Mondo founded in London
Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman founded Mondo.
2016Monzo
~$1.32M (£1M) crowdfund in 96 seconds; renamed Monzo
Record Crowdcube raise and rebrand after a trademark dispute.
2017Monzo
Full UK banking licence
Authorised by the PRA and FCA to offer current accounts.
2018Block
Cash App adds bitcoin; Square buys Weebly
Cash App, which added the Cash Card debit card in 2017, lets users buy bitcoin from 2018, and Square buys website builder Weebly for $365 million. Commission-free stock investing follows in 2019.
2018Monzo
Unicorn valuation
Funding led by Accel valued Monzo at over $1.32 billion (£1 billion).
2020Block
Bitcoin treasury, Verse and Credit Karma Tax
The FDIC approves deposit insurance for Square Financial Services in March 2020. Square buys Spanish payments app Verse in June, puts $50 million into 4,709 bitcoin in October, and agrees in November to buy Credit Karma Tax for $50 million.
2020Monzo
Down-round and new CEO
Raised ~$79.2 million (£60 million) at ~$1.65 billion (£1.25 billion); TS Anil became CEO.
2021Block
TIDAL purchase and Square's own bank opens
Square Financial Services opens on March 1, 2021, and Square agrees the same month to buy a majority of the TIDAL music service for $297 million in cash and stock, with Jay-Z joining its board.
2021Block
Afterpay deal announced
Square agrees in August 2021 to buy Afterpay, the Australian buy now, pay later company, in an all-stock deal valued at about $29 billion.
2021Block
Square becomes Block
On December 10, 2021, Square, Inc. renames itself Block, Inc., shortly after Dorsey steps down as Twitter's chief executive. Square remains the name of the seller business.
2021Monzo
Monzo Flex launched; $4.5B valuation
Raised $500 million led by Abu Dhabi Growth Fund at a $4.5 billion valuation.
2022Block
Afterpay acquisition closes
Block completes the Afterpay purchase on January 31, 2022. Because it paid in its own shares, which had roughly halved since the announcement, the deal was worth much less at closing than the headline $29 billion.
2023Block
Hindenburg report, Square leadership change and Bitkey
Short seller Hindenburg Research accuses Cash App in March 2023 of inflated user metrics and weak compliance, which Block rejects.
2024Block
Proto mining chip and portfolio cuts
Block says in April 2024 it has designed a 3-nanometer bitcoin mining chip, agrees in July to supply Core Scientific, and in November winds down its TBD crypto unit and scales back TIDAL.
2024Monzo
First annual profit; ~$5.94B (£4.5B) valuation
FY2024 pre-tax profit of ~$20.3 million (£15.4 million); October employee share sale valued Monzo at ~$5.94 billion (£4.5 billion).
2025Block
Cash App settlements and the XYZ ticker
In January 2025 the CFPB orders Block to pay up to $120 million in Cash App redress plus a $55 million penalty, state regulators impose an $80 million anti-money-laundering penalty, and the ticker changes from SQ to XYZ.
2025Block
Block joins the S&P 500
Block enters the S&P 500 on July 23, 2025, replacing Hess, and at its November investor day sets 2028 targets of about $15.8 billion of gross profit and $4.6 billion of adjusted operating income.
2025Monzo
FCA fine; CEO succession announced
~$27.9 million (£21.1 million) FCA fine; Diana Layfield named next CEO.
2026Block
Workforce cut to under 6,000
On February 26, 2026, Dorsey announces Block will shrink from more than 10,000 employees to just under 6,000, citing AI, and the shares jump about 24%.
2026Monzo
US exit, ~$2.24B (£1.7B) revenue, Nubank talks reported
Layfield took over in February, US operations closed, FY2026 revenue hit ~$2.24 billion (£1.7 billion), and takeover talks were reported in September.
Acquisitions
Block
- Afterpay2022$29B
- TIDAL (majority stake)2021$297M
- Credit Karma Tax (now Cash App Taxes)2020$50M
- Verse2020Undisclosed
- Weebly2018$365M
- Caviar2014$90M
Monzo
No verified acquisitions are listed.
Questions about Block vs Monzo
Who is the CEO of Block Inc and Monzo Bank Limited?
Block Inc is led by Jack Dorsey and Monzo Bank Limited is led by Diana Layfield. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Block Inc founded vs Monzo Bank Limited?
Block Inc was founded in 2009 — 6 years before Monzo Bank Limited, which was founded in 2015. Block Inc's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Monzo Bank Limited.
How many employees does Block Inc have compared to Monzo Bank Limited?
Block Inc employs approximately 10,205 people, while Monzo Bank Limited employs approximately 5,275. Block Inc has the larger workforce at 10,205 employees, compared to Monzo Bank Limited's 5,275. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Block Inc and Monzo Bank Limited headquartered?
Block Inc is headquartered in United States and Monzo Bank Limited is headquartered in United Kingdom. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Block Inc and Monzo Bank Limited?
Block Inc was founded by Jack Dorsey, Jim McKelvey. Monzo Bank Limited was founded by Tom Blomfield, Jonas Huckestein.
Which company has a longer operating history — Block Inc or Monzo Bank Limited?
Block Inc has been operating for approximately 17 years, making it the more established of the two companies. Monzo Bank Limited has been in operation for around 11 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Block vs Monzo overview