Monese has appointed Paul Aylieff as its new CFO and COO.

Aylieff has departed Oakbrook Finance to join the London FinTech.

Aylieff was a member of the board at Nottingham-based Oakbrook, a consumer lending business which employs 140 people in the Midlands city.

He has previously worked at RBS, Bank of America, Merrill Lynch and MCB Finance Group.

Monese was founded in 2013 by Norris Koppel and provides digital banking services to consumers and businesses. The firm, which expects to have five million customers by the end of the year, says its focus on customers which are underserved by mainstream lenders means it should become more profitable than its rivals.

Accenture recently claimed digital banks may struggle with long-term profitability despite closing on 20m customers overall. Currensea co-founder James Lynn also told BusinessCloud that the recent exit of German digital bank N26 from the UK market may be indicative of a lack of engagement with challenger banks.

He believes that the majority of customers of the likes of Monzo, Revolut and Starling are not using these accounts for large-scale payments such as mortgages.

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