According to a report from the Financial Times, Monzo’s board asked Chief Executive TS Anil to step down due to concerns over the company’s international expansion and his commitment following a potential initial public offering. Tensions reportedly built between Anil and the board ahead of October’s announcement that former Google executive Diana Layfield would take over early next year.
A key point of disagreement was the timing of an IPO. Anil pushed for an earlier listing than some directors preferred and signaled he might depart soon after. Board members sought 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.
In a summer interview, Anil discussed the possibility of Monzo going public in 2026, a timeline that now appears to have been central to the boardroom disagreements. During his leadership since 2020, Monzo reportedly tripled its customer base to 13 million and posted record pre-tax profits of £60.5 million. However, nearly all of those customers remain in the UK after the company’s U.S. expansion stalled in 2021.
Diana Layfield, who spent nine years at Google and over a decade at Standard Chartered, will now oversee Monzo’s international strategy and guide it toward its eventual public listing.