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Monzo chief executive TS Anil was asked to step down by the fintech’s board amid concerns over international expansion and his post-IPO commitment, according to reporting from the Financial Times. The FT reports that tensions built between Anil and the board before October’s somewhat unexpected announcement that former Google executive Diana Layfield would take over…
Monzo, Britain’s biggest digital bank, is still synonymous with its neon debit cards, extensive use of emojis, and free spending abroad. But it’s no longer just trying to be cool; it’s trying to become a major financial institution. That shift, from an upstart fintech beloved by millennials into a mature, sustainable business, is what makes…
Monzo is now valued at $5.9 billion after the U.K.-based challenger bank confirmed a secondary market share sale to provide liquidity for its employees. The transaction, first rumored yesterday, saw existing investors such as Singapore’s sovereign wealth fund (GIC) and StepStone Group procuring additional shares in the London-based fintech. A secondary market sale essentially rewards…