Monzo will grant outgoing chief executive TS Anil a broader role and likely retain him on its board when he steps down in February 2026, following pressure from major shareholders, according to the Financial Times.

The digital bank initially said in October that Anil, who has led the company since 2020, would move into an advisory role and leave the board, with Diana Layfield, a former Google executive, set to succeed him.

Two people familiar with the discussions told the FT that Monzo reversed these plans after negotiations with investors including Accel and Iconiq, who had campaigned to maintain Anil’s influence and had questioned the leadership of chair Gary Hoffman.

Anil joined Monzo from Visa to lead its US expansion but became CEO soon after founder Tom Blomfield resigned in 2020. He oversaw growth that has tripled Monzo’s customer base to 13 million and delivered pre-tax profits of £60.5 million on £1.2 billion in revenue for the year to March 2025, although the bulk of this growth remains in the UK.

The FT reported that the board had initially asked Anil to step down over concerns about the pace of international expansion and the timing of a potential IPO, while investors were reportedly concerned about losing his leadership after a float. Anil preferred an earlier IPO, according to the newspaper.

Monzo recently secured a European banking licence to support continental expansion, a development that insiders said reinforces the strategic importance of retaining Anil in a more substantial capacity. The FT also noted that Anil’s exact title and responsibilities have yet to be finalised.

Eileen Burbidge, founding partner of Passion Capital and the only investor on Monzo’s board, did not comment publicly, and the bank declined to respond to Reuters’ request for confirmation.

The shift illustrates the influence of shareholders in shaping executive succession at high-growth fintechs and signals Monzo’s intent to balance investor demands with operational continuity as it prepares for further expansion.

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