Monzo board reportedly pushed out CEO Anil over IPO timing

Monzo chief government TS Anil was requested to step down by the fintech’s board amid considerations over worldwide growth and his post-IPO dedication, in keeping with reporting from the Monetary Instances.

The FT experiences that tensions constructed between Anil and the board earlier than October’s considerably unexpected announcement that former Google government Diana Layfield would take over early subsequent yr. A key challenge, apparently, was IPO timing. Anil pushed for an earlier itemizing than some administrators wished and signaled he may depart quickly after, whereas board members sought extra time to develop internationally and develop the corporate’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 sat down with Anil in particular person this summer season, and we mentioned the opportunity of Monzo going public in 2026, a timeline that now seems to have been on the middle of boardroom disagreements.

Below Anil’s management since 2020, Monzo reportedly tripled its buyer base to 13 million and posted report £60.5 million pre-tax income. However practically all prospects stay UK-based after the corporate’s U.S. growth stalled in 2021. We talked with Anil about this, too, throughout our sit-down.

Now Layfield, who spent 9 years at Google and greater than a decade at Normal Chartered (of which Anil can be an alum), will oversee Monzo’s worldwide technique and information it towards its eventual public itemizing.

We’ve reached out to Monzo for extra data.