Monzo chief pushed out after board rift over growth and IPO plans
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FintechAdd to myFTGet instant alerts for this topicManage your delivery channels hereRemove from myFTMonzo chief pushed out after board rift over growth and IPO plansTiming for fintech’s planned listing was a key aspect of ructions ahead of TS Anil’s surprise departureTS Anil argued for a listing earlier than some directors who wanted more time for Monzo to expand internationally and boost its valuation © Zed Jameson/BloombergMonzo chief pushed out after board rift over growth and IPO plans on x (opens in a new window)Monzo chief pushed out after board rift over growth and IPO plans on facebook (opens in a new window)Monzo chief pushed out after board rift over growth and IPO plans on linkedin (opens in a new window)Monzo chief pushed out after board rift over growth and IPO plans on whatsapp (opens in a new window) Save Monzo chief pushed out after board rift over growth and IPO plans on x (opens in a new window)Monzo chief pushed out after board rift over growth and IPO plans on facebook (opens in a new window)Monzo chief pushed out after board rift over growth and IPO plans on linkedin (opens in a new window)Monzo chief pushed out after board rift over growth and IPO plans on whatsapp (opens in a new window) Save Laith Al-Khalaf and Ortenca AliajPublishedDecember 16 2025Jump to comments sectionPrint this pageStay informed with free updatesSimply sign up to the Fintech myFT Digest -- delivered directly to your inbox.Monzo chief executive TS Anil was asked to step down by the fintech’s board, amid concerns over the pace of its international expansion and his long-term commitment to the business after a potential stock market listing. Tensions had been building between Anil and the board ahead of October’s surprise announcement that he would hand over to ex-Google executive Diana Layfield early next year, according to three people familiar with the matter. The timing for Monzo’s planned initial public offering was a key aspect of the board ructions, with Anil arguing for a listing earlier than some of the other directors wanted and signalling that he could leave the business soon afterwards, the people said. Some of the board wanted more time for the fintech to expand internationally and boost its valuation before floating, two areas that some argued had suffered under Anil’s leadership, according to people familiar with the matter. One senior person at the company said that Anil was “really excited about a listing” but there were doubts about his longer-term commitment to remaining as chief executive. The board wanted to bring in a new CEO who would oversee Monzo’s international strategy, lead it into a public listing and take the company forward. Under Anil, Monzo trebled its number of customers to 13mn, almost all of them based in the UK © Hollie Adams/Bloomberg“Monzo needs someone who is thinking about . . . where your enterprise value is in three to five years, not just an IPO,” the person said. When he announced that he was stepping down, Anil said that Layfield, who spent almost nine years at Google and more than a decade at Standard Chartered before that, had been too good a candidate to pass up to run the fintech. Layfield had originally been lined up to lead Monzo’s UK business and report to Anil, he said, but it became clear that she had the qualifications to lead the business globally. One person involved in the process said that Layfield had always been in the running for the top job and the bank had run a thorough process to name her as Anil’s replacement. Anil did not respond to requests for comment. Monzo declined to comment. As with some other fintechs, Monzo has struggled to expand internationally © Louisa Svensson/AlamyMonzo’s difficulties underscore the challenges faced by some European fintechs as customer growth slows in their home markets and they try to find opportunities abroad. Anil, a former Visa executive who joined the UK start-up in 2020 to lead its US push, became chief executive within months when founder Tom Blomfield stepped down due to burnout. The company’s US expansion faltered in 2021 when it became clear that regulators would not approve a banking licence and Anil decided to focus on the bank’s home market. Under his leadership, Monzo trebled its number of customers to 13mn. The bank reported a record £60.5mn in pre-tax profits in the year to March, with revenues of £1.2bn. Its customer base is almost exclusively in the UK.UK fintechs face mounting competition for customers, not only from large British lenders such as Lloyds Banking Group and NatWest, but also from US entrants such as JPMorgan Chase, which has expanded its online retail business into the UK and Europe. Monzo’s board has recently considered reviving its US expansion plans, the Financial Times has previously reported, and has opened an office in Dublin as a “gateway” to European markets. Reuse this content (opens in new window) CommentsJump to comments sectionPromoted Content Follow the topics in this article Fintech Add to myFT UK banks Add to myFT Monzo Bank Ltd Add to myFT TS Anil Add to myFT Ortenca Aliaj Add to myFT Comments