A shareholder revolt at Monzo could yet see TS Anil continue as CEO beyond February 2026 and oust Gary Hoffman as chair.
The development comes as Monzo secures a European banking licence to expand on the continent.
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.
However, reports this week have claimed that Anil was effectively ousted by the company’s board after a disagreement over its IPO plans.
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. The FinTech unicorn 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 Financial Times claimed 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.
Now, according to insiders quoted by the FT, investors Accel and Iconiq have hired lawyers to look into ways to reverse the decision to replace Anil and oust Hoffman, who has chaired Monzo since 2019. The revolt is said to have the backing of investors holding more than 40% of the company’s shares.
They are also said to want greater representation on the board. Despite also boasting CapitalG (Alphabet), HongShan Capital, Tencent and General Catalyst on its cap table, Passion Capital’s founding partner Eileen Burbidge is the only investor on the board.
Meanwhile Monzo has won a European banking licence from the European Central Bank and the Central Bank of Ireland. This will allow it to hold customer deposits and potentially offer products such as loans and mortgages.
It plans to begin its EU expansion in Ireland, with applications opening for retail and business Monzo accounts in the next month.
Michael Carney, EU CEO at Monzo, said: “The approval from European regulators means we can now take our much-loved products and services to millions more personal and business customers.
“Monzo has already proven that by combining the trust of a regulated bank with cutting-edge technology, we can truly transform people’s relationship with money. Today marks a significant step forward in our global mission to make money work for everyone.”
Elaine Deehan, country manager, Ireland, Monzo, said: “We’re excited to be launching an Irish digital bank serving customers and businesses.”
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