Monzo has appointed an executive at Singapore's GIC and a former Y Combinator executive as non-execs to its board.
Monzo’s former CEO TS Anil has been appointed vice-chair of Monzo’s board, in a shake-up which sees an executive from an existing Monzo investor and a former Y Combinator executive take non-executive board seats.
The board reshuffle follows a boardroom battle which saw Anil step down as CEO of the UK challenger bank amid concerns over the digital bank’s international expansion and his post-IPO commitment.
Anil’s exit, which led to objections from some Monzo shareholders over his departure, was announced by Monzo in October last year. He has been replaced by Diana Layfield, a banker who has also previously worked at Google, and who has now started in the CEO role.
One of the new non-executive board appointments is Vinay Yarlagadda, who is a managing director at Singapore’s GIC, a sovereign fund, which is an existing investor in Monzo. The other new non-executive director is Anu Hariharan, the founder of Avra, a US VC and accelerator, who was previously a managing director at Y Combinator.
Monzo, which has over 14m customers, was valued at $5.9bn in 2024 in a secondary share sale, backed by GIC and StepStone Group.
Gary Hoffman, chair of the Monzo board, said: “I am delighted to welcome both Anu and Vinay who bring a wide range of experience as Monzo enters an exciting new phase of growth.
“We’re also welcoming TS in a non-executive role as vice chair where, with the rest of the board, he’ll continue as planned to advise and support Monzo’s long-term strategic vision as Diana takes the baton as Group CEO.” It is understood that there have been no departures from the Monzo board.