Monzo CEO Ousted Amid IPO Timing Controversy

Monzo chief executive TS Anil has been asked to step down by the fintech's board amid concerns regarding international expansion and his commitment post-IPO, according to a report from the Financial Times.

Tensions reportedly built between Anil and the board prior to the announcement in October that former Google executive Diana Layfield would take over as CEO early next year. A significant issue was the timing of the IPO; Anil advocated for an earlier listing than preferred by some board members, who wanted more time to expand internationally and enhance the company's valuation.

Monzo was valued at $5.9 billion in an October 2024 secondary share sale backed by Singapore's sovereign wealth fund GIC and StepStone Group. During a summer interview, Anil hinted at a public listing in 2026, which now appears to have contributed to disagreements within the boardroom.

Under Anil's leadership since 2020, Monzo has tripled its customer base to 13 million and reported record pre-tax profits of 60.5 million. However, the company’s U.S. expansion has stalled since 2021, with nearly all customers based in the UK.

Diana Layfield, who has a background at Google and Standard Chartered, is set to oversee Monzo's international strategy and guide the company toward its public listing. Monzo has been contacted for further information.