The CEO of Monzo was ousted by the company’s board after a disagreement over its IPO plans, according to reports.
The digital bank, which today has more than 14 million customers, has long planned a public listing, with speculation over the timing and its potential valuation rampant.
In a surprise announcement in October, Monzo said TS Anil would step down in February 2026 and be succeeded by former Google and Standard Chartered exec Diana Layfield, who had originally been lined up to lead its UK business.
At the time, everything seemed cordial – but the Financial Times reports that Anil was at loggerheads with the board over the timing of the stock market flotation, while it doubted his long-term commitment to the company.
Anil joined Monzo in 2020 from Visa to lead its US expansion but took over as CEO soon after when founder Tom Blomfield stepped down due to burnout.
Monzo has since tripled its customer base and reported record pre-tax profits of £60.5m last year, with revenues of £1.2 billion. However most of that growth has been in the UK, and the FT claims the board wanted to delay the IPO to build a larger customer base overseas.
Anil, however, is said to have preferred an earlier float – and the board was concerned that he would leave the business soon after the fiscal event.
Monzo declined to comment to several news publications.
When his departure was announced, he said: “I came into the role knowing we had a lot of work to do – much to protect, nurture and grow, new muscles to build, products to ship, big changes and tough prioritisation calls ahead.
“What we’ve done together since has made me very proud… we reached profitability and have built a thriving business that’s growing at an incredible pace.
“We’ve been talking to candidates for this role, and during the process met Diana. As well as a wealth of impressive experience across banking and tech, Diana has passion for Monzo and its future that matches mine.
“Through our conversations, it became clear to me that she’d be a fantastic leader who could drive the business at the global level, into this next chapter and beyond.
“So while it wasn’t in my plan, I knew it was an opportunity I couldn’t miss for Monzo.
“I won’t be going anywhere right now – and will stay close in the longer term too, supporting Monzo as an advisor.
“I know this will come as a surprise to many of you, and it hasn’t been an easy decision for me to make because of how close this company, and all of you are, to my heart. So as hard as it is to step away, it’s something that I can only do because I feel it’s right for Monzo.
“This of course isn’t goodbye. I couldn’t be prouder of what we’ve achieved together, or more grateful for all of your hard work and talent. You really are a dream team!
“One that I’ve been honoured to be part of and one Diana is so excited about joining soon.
“Leading Monzo has been the privilege of a lifetime.”
Layfield currently sits as a non-executive director at AstraZeneca and is chair of British International Investment.
Despite speculation around a £6bn IPO, Anil said earlier this year that it was “too early” for the tech unicorn to discuss listing plans, adding: “We believe we’d make a great public company one day and we’re well on the trajectory to doing that when we choose to.”
Monzo chair Gary Hoffman added at the time: “What an incredible legacy TS leaves behind as group CEO.
“In almost six years under his leadership Monzo has transformed from a start-up to a major player with more than 13m customers, a much-loved bank, and one-to-watch on a global scale.”