Monzo’s board of directors pressured CEO TS Anil to resign over disagreements concerning the timing of an initial public offering (IPO) and the company’s international expansion plans, according to reports from the Financial Times. The move preceded the October announcement that Diana Layfield, a former Google executive, would take over as CEO in early 2025.
The core conflict revolved around Anil’s desire for a faster IPO versus board members who preferred delaying the listing to further expand Monzo’s global footprint and increase its valuation. Monzo was last valued at $5.9 billion during an October 2024 secondary share sale backed by GIC, Singapore’s sovereign wealth fund, and StepStone Group.
Under Anil’s leadership since 2020, Monzo tripled its customer base to 13 million and reported £60.5 million in pre-tax profits. However, growth has been largely confined to the UK. The company’s U.S. expansion, launched in 2021, stalled, leaving nearly all of Monzo’s customers based in the United Kingdom.
Layfield will now be responsible for steering Monzo’s international strategy and preparing the fintech for its eventual IPO. She brings extensive experience from nine years at Google and over a decade at Standard Chartered, where she previously worked alongside Anil.
This boardroom shakeup highlights the pressures faced by high-growth fintechs as they balance aggressive expansion with the demands of investors and the complexities of international markets. The shift underscores the growing tension between rapid scaling and long-term sustainability.
