Monzo’s board of directors reportedly fired CEO Anil over the timing of the IPO

Monzo CEO TS Anil has been asked to step down by the fintech company’s board amid concerns about international expansion and his post-IPO commitment, according to reports from the Financial Times.

The Financial Times reported that tensions arose between Anil and the board before the somewhat unexpected announcement in October that former Google CEO Diana Liefeld would take over early next year. The main issue appears to have been the timing of the IPO. Anil pushed for the listing earlier than some directors wanted and indicated he might leave soon after, while board members sought more time to expand internationally and increase the company’s valuation. (Monzo was reportedly valued at $5.9 billion in a secondary share sale in October 2024 backed by Singaporean sovereign wealth fund GIC and StepStone Group.)

TechCrunch sat down with Anil in person this summer, and we discussed the possibility of Monzo going public in 2026, a timeline that now appears to have been at the center of board disagreements.

Under Anil’s leadership since 2020, Monzo has reportedly tripled its customer base to 13 million and achieved record profits of £60.5 million before tax. But almost all customers remain UK-based after the company’s US expansion halted in 2021. We spoke to Anil about this as well during our sit-down.

Now, Layfield, who spent nine years at Google and more than a decade at Standard Chartered, will oversee Monzo’s international strategy and guide the company toward its eventual public listing.

We’ve reached out to Monzo for more information.