Former Google and Standard Chartered executive Diana Layfield is set to assume the role of CEO at UK digital bank Monzo, succeeding TS Anil, who is stepping down after a successful five-year tenure.
Layfield’s appointment is expected to take effect in February, pending regulatory approval, with Anil transitioning to an advisory position. Since its inception in 2015 under Anil’s leadership, Monzo has rapidly grown to become the UK’s seventh largest bank by customer count, boasting 12 million retail users and an additional 700,000 business clients. This growth trajectory has enabled the bank to achieve profitability and reach a valuation of £4.5 billion as of October 2024.
The leadership transition coincides with Monzo’s preparations for a much-anticipated public listing, potentially slated for the first half of next year, which could heighten its valuation to between £7 billion and £10 billion.
Layfield departed Google in January after nearly a decade, most recently serving as general manager of international search and growth, where she focused on enhancing the global reach and AI capabilities of the company’s search engine. Prior to her tenure at Google, she was the CEO for the Africa Region at Standard Chartered Bank, overseeing wholesale, investment, and consumer banking across 27 countries. Additionally, she has spent the last four years as chair of British International Investment and has experience working as a medical relief pilot in conflict zones across Africa.
“I’ve admired Monzo for many years,” said Layfield. “The team’s dedication to innovation and customer-centricity has been remarkable, and they’ve made significant strides under TS’ leadership. I am thrilled to join them in unlocking Monzo’s full potential both in the UK and internationally, and to further our mission of making money work for everyone.”
Anil joined Monzo in 2019 from Visa to spearhead its US operations and subsequently took over as CEO following co-founder Tom Blomfield. His leadership was pivotal as the bank navigated the economic challenges posed by the Covid-19 pandemic, which impacted card spending and funding.
“It’s never an easy decision to step away from a company that holds such personal significance,” Anil remarked. “I believe that great leaders pave the way for others to rise. This transition at Monzo reflects that belief, and I am confident the company will continue to flourish under Diana’s guidance.”