Monzo chief executive TS Anil has been asked to resign by the fintech’s board over concerns about international expansion and its post-IPO commitment, according to a report in the Financial Times.
The FT reports that tensions built between Anil and the board ahead of the somewhat unexpected announcement in October that former Google executive Diana Layfield would take over early next year. Apparently, a key issue was the timing of the IPO. Anil pushed for an earlier listing than some directors wanted and signaled he could leave soon after, while 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 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 now appears to have been the center of disagreement within the board.
Under Anil’s leadership since 2020, Monzo is said to have tripled its customer base to 13 million and recorded a record pre-tax profit of £60.5 million. But almost all clients remain based in the UK after the company halted US expansion in 2021. We also spoke to Anil about this during our interview.
Now Layfield, who spent nine years at Google and more than a decade at Standard Chartered (of which Anil is also an alumnus), will oversee Monzo’s international strategy and guide it towards its eventual public listing.
We’ve contacted Monzo for more information.
