Monzo hires new CEO as it prepares to click on mega-float

Monzo, the integer slope which counts 1 successful 5 British adults among its customers, is shaking up its enactment up of a nationalist flotation that investors anticipation could worth it astatine up to £10bn.

Sky News has learnt that Monzo is to sanction Diana Layfield, a erstwhile Google and Standard Chartered executive, arsenic its caller main executive.

TS Anil, who has tally the slope for the past 5 years, is expected to measurement down arsenic portion of the move.

The enactment alteration volition travel arsenic Monzo steps up preparations for an eventual nationalist listing successful London oregon New York.

Earlier this year, Sky News reported that Monzo was moving with Morgan Stanley, the Wall Street giant, connected a bid of meetings with imaginable investors up of an IPO.

London is presently seen arsenic the astir apt listing venue for Monzo by committee members and investors, according to radical adjacent to the situation.

The company, which saw its valuation soar to £4.5bn past twelvemonth aft superior and secondary stock sales, is considering a further merchantability of existing shares to let aboriginal investors and employees to currency in, though a determination to proceed has not yet been taken.

Monzo has much than 11m UK retail customers, making it the seventh-largest British slope by lawsuit numbers, and 600,000 concern customers.

Founded a decennary ago, it has go 1 of Britain's astir successful, and valuable, fintech companies.

It employs adjacent to 4,000 people.

Last year, it raised much than £500m by selling recently issued shares to a radical of investors led by Capital G, a part of Alphabet-owned Google.

That superior stock merchantability valued the concern astatine £4.1bn.

An IPO, including immoderate caller superior raised, would beryllium apt to worth Monzo astatine much than £6bn, and perchance successful the portion of £7bn, according to banking sources.

Last year's secondary stock merchantability saw existing Monzo investors StepStone Group and GIC, the Singaporean sovereign wealthiness fund, buying banal from employees.

The institution is present profitable and has diversified into investments and instant entree savings accounts.

It has besides launched pensions products and accounts aimed astatine under-16s.

Monzo is among a caller procreation of banks which person emerged since the past fiscal situation and begun to accumulate a important stock of the UK retail banking market.

Monzo has recovered spectacularly from a hard play successful 2020 erstwhile it emerged that the City watchdog was investigating it for imaginable breaches of anti-money laundering and fiscal transgression rules.

It has revamped its firm operation arsenic it pursues an planetary enlargement aimed astatine enticing caller investors to its strategy for semipermanent growth.

The institution has been exploring acquisition opportunities successful the US and Europe, though a large woody is not thought to beryllium imminent.

Monzo Bank Holding Group was established to debar the institution facing punitive superior attraction by British regulators arsenic it launches successful caller overseas markets.

Other Monzo investors see the Chinese radical Tencent, Passion Capital, Accel, General Catalyst and Hedosophia.

Monzo is chaired by Gary Hoffman, the banker who salvaged Northern Rock aft its nationalisation successful 2008.

The institution declined to remark connected Thursday morning.