Former Google and Standard Chartered executive Diana Layfield has been appointed CEO of UK digital bank Monzo, taking over from TS Anil, who is stepping down after five years in the role.
Layfield will take over in February, subject to regulatory approval, with Anil moving to an advisory role.
Launched in 2015, under Anil's leadership Monzo has grown to become the UK's seventh largest bank by customers, with 12 million retail users and another 700,000 business clients. This has helped the bank swing to profitability and hit a £4.5 billion valuation in October 2024.
The leadership change comes as Monzo prepares for a long-awaited public listing - possibly in the first half of next year - that could see it bag a valuation of between £7 billion and £10 billion.
Layfield left Google in January after nine years at the tech giant, most recently as general manager of search, international, and growth, charged with advancing the internationalisation and AI capabilities of the firm's search engine.
Before Google, she served as CEO, Africa Region, at Standard Chartered Bank, responsible for leading the businesses across wholesale, investment and consumer banking in 27 countries. Layfield has been chair of British International Investment for the last four years and has also worked as a medical relief pilot in war zones in Africa.
“I’ve admired Monzo for many years. The team’s passion for innovation and focus on the customer have been distinctive, and they have delivered incredible progress under TS' leadership. It's hugely exciting to be joining them to deliver on Monzo's potential in the UK and internationally, and make even more strides on Monzo’s mission to make money work for everyone, together," says Layfield.
Anil joined Monzo in 2019 from Visa to lead its US operations, taking over as CEO from co-founder Tom Blomfield the following year as it faced up to the economic fallout from the Covid-19 pandemic, which hit both card spending and the funding scene.
Says Anil: “There’s never a right time to step away from an incredibly special company that’s so close to your heart. It’s always been my belief that great leaders make way for others - it’s something that’s been done before at Monzo when the baton was handed to me, and it’s why the business will continue to go from strength-to-strength under Diana’s leadership.