Monzo’s annual “wrapped” feature always delivers some hard truths. The digital bank’s review of customer spending habits might, for instance, reveal you’ve held your spot among the top 5% consumers of Greggs in your area. A cheeky, chiding message follows: “New year, same you.”
Perhaps Monzo should not be so quick to judge. The bank itself will spend the festive period reflecting on the messy succession of its chief executive, TS Anil. After the surprise announcement last month that he would be replaced by Diana Layfield, a former Google executive, a group of investors claiming to account for between 40 and 50% of shareholders is now pushing to reinstate him.
The group, which includes international investors Accel and Iconiq, is also pushing for seats on the board and a potential reconsideration of the chair position, currently held by former Premier League boss Gary Hoffman. A source close to the group said it continues “to work constructively with the board to find the right way forward, and a number of options are being discussed”.
Why exactly Anil was nudged toward the exit isn’t clear. One suggestion, reported in the FT, is that Anil and the board led by Hoffman did not see eye-to-eye on the timing and location of a planned IPO, with Anil thought to prefer a listing sooner and in the US. But one source close to the matter said that was a “red herring” and that the board’s decision had more to do with Anil’s “commitment”.
Some question if Monzo’s delta in value with certain competitors was becoming a bugbear. Revolut’s $75bn valuation is roughly 18 times its revenue, while Monzo’s is closer to four times. “With a valuation that is orders of magnitude higher, that's always going to lead to questions. ‘Why are we not doing what they're doing if it seems to be working?’” says fintech consultant Jason Mikula.
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These are different beasts, though. Revolut has tried to lasso a British banking licence since 2021, which was finally approved “with restrictions” in July. Under chief executive Nik Storonsky, it has focused on monetising a range of financial products, including riskier assets like crypto, and has prioritised expansion in international markets.
Monzo, by contrast, has been operating as a full UK bank since 2017 and has a customer base of 13 million. Its s almon-coloured cards and focus on budgeting has have earned it a slot in the wallet of many thrifty British millennials. In other words, depth over breadth.
The two fintechs do share one thing: the affections of a British government keen to see more homegrown companies float in the UK. Storonsky poured cold water on a Revolut listing again last week, but Monzo has always been the main target of Treasury officials who met with the bank nine times between January and June 2025. No surprise, then, that the issue has surfaced in the boardroom.
The choice, according to Mikula, is between the safer bet of going public in the near term, while the markets, particularly in the US, are favourable, or to take the gamble of expanding for 12 to 18 months with the risk that the IPO window closes.
Reports last week that Monzo has acquired the mortgage broker Habito and secured an Irish banking licence were eclipsed by the succession drama. But the access offered by the latter to a European market of 450 million is not to be scoffed at.
Who leads that charge is undecided. Layfield was originally lined up to lead Monzo’s UK business, and her ambush anointment has annoyed investors. As for Anil, any comeback must be preceded by a commitment to stick through an IPO, regardless of timing. Monzo refused to comment.
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