Monzo shareholders plotting chair coup after top boss was ousted
A group of Monzo shareholders are plotting a coup to oust the chair of the fintech following the shock exit of chief executive TS Anil.
The investors, which include venture capital firms Accel and Iconiq, have strapped up with lawyers as they lobby to reinstate Anil, who is set to be replaced by ex-Google executive Diana Layfield in February.
The group is also seeking the removal of chair Gary Hoffman, according to reports. Hoffman has been in the role since 2019 and previously served as chairman of the English Premier League, where he faced criticism for acting with bias in the Newcastle United takeover.
The rebellion against Hoffman is said to have received the backing of investors holding more than 40 per cent of Monzo stock.
Monzo’s announcement of Anil’s departure shocked the City, with the former boss stating he met Layfield whilst scouting for a UK chief, who would report to him. But whilst recruiting, Anil said he found Layfield had the qualifications to lead on the global stage.
Monzo shareholders lobbying for greater representation
It has since been reported that questions were raised over Anil’s commitment to the fintech in the long-term, with speculation he would leave the business soon after a public debut.
The board is understood have been interested in bringing in a new top boss to drive Monzo’s endeavours overseas and pave the way for a listing.
The shareholder revolt is pressing for greater representation of investors on the fintech’s board, the FT reports.
The board and Anil had also been at odds regarding both the time frame and venue for a public listing.
Monzo, Accel, Iconiq, Hoffman and Anil have not commented on the FT’s reports.
The conflict at the top of the fast-growing fintech comes threatens to throw Monzo into chaos as it faces widespread IPO speculation.
The London-headquarted fintech – famed for its coral pink cards – has long been tipped for a City float, with reports earlier this year suggesting the bank was readying for a £6bn blockbuster float.
In July 2024, Anil told CityAM he wished to grow the business “several times” larger before an IPO.
The London-based neobank’s valuation soared to £4.5bn last October after a primary and secondary share sale.