Monzo’s board asked its chief executive officer TS Anil to step down after disagreements over the timing of a stock market listing and concerns about his longer-term commitment following an IPO, according to reports from the Financial Times and other outlets.

People familiar with the matter told the Financial Times that tensions built ahead of October’s surprise announcement that former Google executive Diana Layfield would take over early next year, with the timing of Monzo’s planned initial public offering a key flashpoint. Anil had argued for an earlier listing and signalled he could leave soon after, while some directors sought more time to expand internationally and grow the company’s valuation.

Under Anil, Monzo tripled its customers to 13 million and reported a record £60.5 million pre-tax profit in the year to March, with revenues of £1.2 billion. However, the bank’s customer base is almost entirely in the UK after its US push faltered when regulators did not approve a banking licence in 2021, leading Anil to focus on the home market.

In October, Monzo announced that Anil would hand over to Layfield in early 2026. At the time, Anil praised Layfield’s experience and suitability for the role, saying: “As well as a wealth of impressive experience across banking and tech, Diana has passion for Monzo and its future that matches mine… it became clear to me that she’d be a fantastic leader who could drive the business at the global level, into this next chapter and beyond.”

TechCrunch reported that the board’s concerns centred on international expansion and Anil’s post-IPO commitment, noting that he had pushed for an earlier listing timeline. The publication also referenced Monzo’s October 2024 secondary sale that valued the bank at around $5.9 billion, backed by GIC and StepStone Group.

Separately, Reuters reported that some shareholders, including venture capital firms Accel and Iconiq, are pushing to bring back Anil and oust chairperson Gary Hoffman, hiring lawyers as they seek greater representation on the board following the leadership change. Reuters said it could not immediately verify the report.

Layfield, who spent almost nine years at Google and more than a decade at Standard Chartered, has been tasked with leading Monzo’s international strategy and guiding it toward a public listing. The board has also considered reviving US expansion plans and opened an office in Dublin as a gateway to European markets.

In a different development for the company – which may have implications for any future IPO plans – Monzo has secured a full European banking licence from the European Central Bank and the Central Bank of Ireland. Dublin is now Monzo’s EU headquarters, led by EU CEO Michael Carney. Irish customers and businesses can join a waitlist ahead of launch.

The licence allows Monzo to offer personal, joint, business, children’s and instant‑access savings accounts in Ireland, each with an Irish IBAN. Monzo states a variable 1.6% interest rate for its instant‑access savings account. Business accounts will include digital onboarding, Tax Pots, invoicing and real‑time visibility. Monzo says accounts will have 24/7 human support.

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