Monzo CEO TS Anil was asked to step down by the fintech’s board following disagreements over the future direction of the company, according to reports.
Tensions between Anil and the board had been building for months before October’s surprise announcement that he would hand over to former Google executive Diana Layfield early next year, people familiar with the matter told the Financial Times.
Disagreements centred on the timing of Monzo’s planned IPO, with Anil pushing for an earlier listing than some directors supported. Anil is also said to have signalled he could leave the fintech not long after it went public, raising doubts among board members about his leadership.
Some directors reportedly wanted more time to expand overseas and to boost Monzo’s valuation before going public, arguing progress on both fronts had been slower than hoped.
Layfield, a former Google executive who spent over a decade at Standard Chartered, had originally been lined up to run Monzo’s UK business but emerged as the preferred candidate to lead the fintech globally.
Anil joined Monzo in 2020 from Visa to spearhead its US expansion and became CEO shortly after founder Tom Blomfield stepped down due to burnout.
Under Anil, Monzo tripled its customer base to 13m and reported record pre-tax profits of £60.5m last year on revenues of £1.2bn.
However, almost all of its customers remain in the UK, where competition from traditional lenders and US rivals is intensifying.
Monzo declined to comment.
