Monzo CEO TS Anil to exit, replaced by former Google executive

Monzo CEO TS Anil is stepping down from the role after over five years and is being replaced by a former Google executive with banking experience.

Anil is being replaced by Diana Layfield, an ex-banker who also spent nine years at Google in various senior roles, including across Google's search and crypto businesses.

The move comes ahead of Monzo's expected blockbuster stock market listing, which could value the challenger bank at as much as £10bn.

Layfield will take up the CEO role of London-based Monzo, which is famed for its coral-coloured cards and is backed by CapitalG, Alphabet's growth stage VC arm, in February next year, when Anil moves to an advisory role.

Layfield currently holds a non-executive role at AstraZeneca and is chair of the UK development institution, British International Investment. Layfield has previously served as CEO of Standard Chartered in Africa.

Under the tenure of Anil, who in 2020 replaced Monzo co-founder Tom Blomfield as CEO, Monzo has grown into a profitable powerhouse, with over 13 million customers and annual revenues of over £1bn.

However, this year Monzo was hit with a £21m fine by the UK financial watchdog over lax financial crime controls, after the challenger bank onboarded customers with "implausible" London landmark addresses such as Buckingham Palace, 10 Downing Street and even Monzo’s business address.

According to Bloomberg, Anil and the Monzo board met Layfield when the challenger bank was looking for a UK CEO.

Anil said: “There’s never a right time to step away from an incredibly special company that’s so close to your heart.

"It’s always been my belief that great leaders make way for others - it’s something that’s been done before at Monzo when the baton was handed to me, and it’s why the business will continue to go from strength-to-strength under Diana’s leadership.

"I couldn’t be prouder of what we’ve all achieved together and most importantly, for our customers. It’s been a journey full of Monzo magic, and I’m so excited to see what comes next.”

Gary Hoffman, chair of the Monzo board, said: “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 13 million customers, a much-loved bank, and one-to-watch on a global scale.

"TS has led with values and integrity throughout and has nothing but my gratitude and respect for all that he’s achieved and the brilliant foundations that have set Monzo up for the future. As he steps into an advisory role for Monzo, the Board is excited to appoint Diana to lead the company’s next stage of growth and 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.”