Digital bank Monzo has confirmed that TS Anil will step down as CEO after more than five years at the helm, to be succeeded by former Google and Standard Chartered exec Diana Layfield.
The leadership change comes as the London-based FinTech gears up for an anticipated stock market flotation, which could value the company at up to £10 billion.
Layfield, who will take over in February 2026, brings extensive experience in both banking and technology.
She previously served as CEO for Africa at Standard Chartered and later spent nine years at Google, holding senior positions across search, crypto and international business operations.
She currently sits as a non-executive director at AstraZeneca and chair of British International Investment.
Under Anil’s leadership, Monzo has transitioned from a fast-growing challenger into one of the UK’s most profitable FinTechs.
The bank reported record revenues of £1.2bn for the year ended 31st March 2025 – a 48% year-on-year increase – and profits of £60.5 million – up from £13.9m in 2024, its first full year in the black.
Customer numbers climbed 25% to 12.2m, while deposits rose to £16.6bn.
The business has attracted backing from CapitalG, Alphabet’s growth fund, and is expanding rapidly into Europe and the US.
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.”
Synthesia’s reported $200m raise values AI firm at whopping $4bn
On his departure, Anil 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’ve grown from less than 4m customers in 2020 to more than 13m today, from £67m revenue in 2020 to over £1.2bn in the last financial year, from around 1,000 colleagues to nearly 4,000 today.
“We reached profitability and have built a thriving business that’s growing at an incredible pace.
“We’ve built a brilliant team of leaders, established strong foundations, built new capabilities, made hard decisions and been on our fair share of learning curves – all while keeping our customers at the heart of everything we do.
“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.”
Monzo chair, Gary Hoffman, added: “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.”
Layfield said: “I’ve admired Monzo for many years. The team’s passion for innovation and focus on the customer have been distinctive, and they have delivered incredible progress under TS’s leadership.
“It’s hugely exciting to be joining them to deliver on Monzo’s potential in the UK and internationally, and make even more strides on Monzo’s mission to make money work for everyone, together.”