Monzo chief executive TS Anil was asked to step down by the fintech’s board amid concerns over international expansion and his post-IPO commitment, according to reporting from the Financial Times.
The FT reports that tensions built between Anil and the board before October’s somewhat unexpected announcement that former Google executive Diana Layfield would take over early next year. A key issue, apparently, was IPO timing. Anil pushed for an earlier listing than some directors wanted and signaled he might leave soon after, while board members sought more time to expand internationally and grow the company’s valuation. (Monzo was reportedly valued at $5.9 billion in an October 2024 secondary share sale backed by Singapore’s sovereign wealth fund GIC and StepStone Group.)
News sat down with Anil in person this summer, and we discussed the possibility of Monzo going public in 2026, a timeline that now appears to have been at the center of boardroom disagreements.
Under Anil’s leadership since 2020, Monzo reportedly tripled its customer base to 13 million and posted record £60.5 million pre-tax profits. But nearly all customers remain UK-based after the company’s U.S. expansion stalled in 2021. We talked with Anil about this, too, during our sit-down.
Now Layfield, who spent nine years at Google and more than a decade at Standard Chartered (of which Anil is also an alum), will oversee Monzo’s international strategy and guide it toward its eventual public listing.
We’ve reached out to Monzo for more information.
