Monzo, the digital bank which counts one in five British adults among its customers, is shaking up its leadership ahead of a public flotation that investors hope could value it at up to £10bn.
Sky News has learnt that Monzo is to name Diana Layfield, a former Google and Standard Chartered executive, as its new chief executive.
TS Anil, who has run the bank for the last five years, is expected to step down as part of the move.
The leadership change will come as Monzo steps up preparations for an eventual public listing in London or New York.
Earlier this year, Sky News reported that Monzo was working with Morgan Stanley, the Wall Street giant, on a series of meetings with potential investors ahead of an IPO.
London is currently seen as the most likely listing venue for Monzo by board members and investors, according to people close to the situation.
The company, which saw its valuation soar to £4.5bn last year after primary and secondary share sales, is considering a further sale of existing shares to allow early investors and employees to cash in, although a decision to proceed has not yet been taken.
Monzo has more than 11m UK retail customers, making it the seventh-largest British bank by customer numbers, and 600,000 business customers.
Founded a decade ago, it has become one of Britain’s most successful, and valuable, fintech companies.
It employs close to 4,000 people.
Last year, it raised more than £500m by selling newly issued shares to a group of investors led by Capital G, a division of Alphabet-owned Google.
That primary share sale valued the business at £4.1bn.
An IPO, including any new capital raised, would be likely to value Monzo at more than £6bn, and potentially in the region of £7bn, according to banking sources.
Last year’s secondary share sale saw existing Monzo investors StepStone Group and GIC, the Singaporean sovereign wealth fund, buying stock from employees.
The company is now profitable and has diversified into…
