The boss of digital bank Monzo is said to have been pushed out from the top role following a dispute with the company’s board over a potential stock market listing.
TS Anil, Monzo’s chief executive of the last five years, is said to have been at odds with the fintech’s board ahead of his surprise departure in October.
But, according to the Financial Times, it came after Anil had been locked in battle with the board regarding the timing of a public listing with the former chief keen on an earlier schedule.
The firm shocked the City with the announcement that ex-Google executive and Astrazeneca board member Diana Layfield would take the helm in February.
At the time, Anil said “great leaders make way for others,” adding that the “business will go from strength-to-strength under Diana’s leadership”.
The appointment came as Layfield was scouted to lead Monzo’s UK business, reporting to Anil. Whilst recruiting, the fintech boss said he discovered Layfield had the qualifications to lead on the global stage.
Monzo board ‘questioned’ Anil’s commitment
Questions were raised by the board over Anil’s commitment to the fintech in the long-term, the FT reports, with speculation he would leave the business soon after a public debut.
The board is understood have been interested in bringing in a new top boss to drive Monzo’s endeavours overseas and pave the way for a listing.
Monzo declined to comment.
The London-headquarted fintech – famed for its coral pink cards – has long been tipped for a City float, with reports earlier this year suggesting the bank was readying for a £6bn blockbuster float.
Whilst London has been viewed as the likely venue by Monzo’s board and investors, there was speculation Anil was leaning more towards New York.
In July 2024, Anil told City AM he wished to grow the business “several times” larger before an IPO.
The London-based neobank’s valuation soared to £4.5bn last October after a primary and secondary share sale.