Monzo names new chief as London becomes top IPO choice
Digital banking giant Monzo has tapped an Astrazeneca board member as its new chief executive as the firm lays the ground for a blockbuster public listing.
The London-based fintech is set to replace TS Anil, who has led the bank for the last five years, with Diana Layfield.
Anil will step down as part of the leadership change, which comes as Monzo prepares for a highly-anticipated IPO.
The former chief said: “There’s never a right time to step away from an incredibly special company that’s so close to your heart”
Anil added “great leaders make way for others” and said the “business will continue to go from strength-to-strength under Diana’s leadership”.
Gary Hoffman, chair of the Monzo board, said Anil would step into an advisory role for Monzo, following his departure as chief.
Monzo eyed for major City float
The appointment of Layfield – first reported by Sky News – follows the neobank bringing in bankers from Wall Street giant Morgan Stanley to advise on a £6bn float.
But there remained speculation whether the UK-born fintech would be yet another firm to snub the City as it entered the public markets.
Reports had suggested Anil was leaning towards a New York listing whilst the fintech’s board preferred to IPO at home in London.
But as Layfield becomes the newest ‘Monzonaut’ – a term affectionately coined for employees of the fintech giant – London is now viewed as the most likely listing venue for the firm, sources told Sky.
Anil said Layfield will take the helm in February. It follows Monzo’s recruitment for a UK chief executive as part of international expansion plans, where Anil met Layfield and said she would be a “fantastic leader” to drive the business to a “global level”.
The digital bank broke another milestone in the last 12 months after topping £1bn in annual revenue.
Behind the surge in takings was a boost in new customer numbers as the neobank launched a new fleet of products.
Monzo recorded 12.2m customers for the 12 months ending 31 March, jumping 25 per cent from 9.8 million.
Anil had previously remained tight-lipped on a prospective IPO, stating: “The honest answer is that, you know, we believe we’d make a great public company one day, and we’re well on the trajectory to doing that when we choose to, but it’s just not something we’re focused on right now.”