Monzo’s biggest shareholders are pushing to reinstate CEO TS Anil and remove chairman Gary Hoffman, according to reports, as tensions escalate inside one of the UK’s most valuable fintechs.
Founded in 2015, Monzo has grown to 13m customers and posted its first annual profit this year. But its limited international footprint and flat valuation have raised questions over its next phase of growth.
Following the surprise announcement in October that Anil would be stepping down, to be replaced by former Google exec Diana Layfield, the Financial Times reports investors such as Accel and Iconiq have banded together to demand he remain in post.
The group, which is said to represent more than 40% of Monzo’s shareholding, is reportedly calling for greater shareholder representation on Monzo’s board and wants Hoffman — chair since 2019 — to step aside.
“The investors are currently working constructively with the board to find the right way forward acting in the interest of all Monzo’s stakeholders,” one person familiar with the situation told the FT.
The dispute exposes deeper strategic disagreements over Monzo’s future direction, particularly over the timing and location of a future IPO.
Anil and some backers are said to have favoured an earlier listing and were open to New York, while parts of the board have pushed for caution. The UK government has also been lobbying for a London float.
Sifted approached Monzo, Accel and Iconiq for comment.
