Outgoing CEO TS Anil is reportedly set for an expanded role at Monzo following a shareholder revolt.
In a surprise announcement in October, Monzo said 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 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 in its latest annual results, 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.
According to insiders quoted by the FT, investors hired lawyers to look into ways to reverse the decision to replace Anil and oust Hoffman, who has chaired Monzo since 2019. 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.
Now the FT is reporting that Monzo will keep Anil on with more authority than initially planned. He is also likely to remain on the board, insiders told the publication.
The development comes after Monzo secured a European banking licence to expand on the continent.