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, the Financial Times reported.
The FT reports that some tension had arisen between Anil and the board before October unexpected announcement Former Google executive Diana Layfield will take over early next year. Obviously a major issue was the timing of the IPO. Anil pushed for the listing earlier than some directors wanted and hinted that he may leave soon, while board members asked for more time to expand internationally and increase 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.)
TechCrunch met with Anil in person this summer and we discussed the possibility of Monzo going public in 2026, a timeline that is now at the center of boardroom disagreements.
Under Anil’s leadership since 2020, Monzo has reportedly tripled its customer base to 13 million and made a record £60.5 million pre-tax profit. But after the company’s US expansion halted in 2021, almost all customers remain in the UK. We also talked about this with Anil during our meeting.
Now, Layfield, who spent nine years at Google and more than a decade at Standard Chartered, will oversee Monzo’s international strategy and guide the company to its eventual public listing.
We’ve reached out to Monzo for more information.
