UK’s digital bank Monzo has made several announcements to start the new year, from leadership adjustments to innovative customer tools and engaging promotions. In a notable shift driven by shareholder pressure, Monzo has agreed to provide outgoing CEO TS Anil with a more substantial ongoing role following his departure from the top position next month (February 2026).
Anil, who has steered the company since 2020 after taking over from founder Tom Blomfield, was originally set to transition to a limited advisory capacity and exit the board entirely upon the appointment of successor Diana Layfield, a former Google executive.
The initial announcement in October 2025 sparked strong opposition from major investors, including prominent venture firms like Accel and Iconiq, who felt the move came unexpectedly and undervalued Anil’s contributions.
Under his tenure, Monzo has achieved impressive growth, expanding its customer base to around 13-14 million (mostly in the UK), delivering record revenues of £1.2 billion, and posting pre-tax profits of £60.5 million in the latest reported year.
Investors expressed concerns over the original plan’s implications for continuity, particularly amid past challenges like the stalled US expansion.
After intensive negotiations, Monzo has committed to retaining Anil in a broader capacity—likely including a continued board seat—though his precise title and responsibilities are still being finalized.
This compromise has eased tensions, with earlier demands such as removing chair Gary Hoffman now dropped.
In another key move, Monzo has introduced a tax filing tool tailored for sole traders and landlords, timed perfectly ahead of key regulatory shifts.
Launching in the app for users with a Monzo Business account (of which there are over 800,000), the feature—powered by Sage’s embedded technology—allows direct submission of tax updates to HMRC.
It simplifies compliance with the Making Tax Digital (MTD) for Income Tax rules, which take effect from April 6, 2026.
These changes mandate that affected self-employed individuals and property owners maintain digital records and send quarterly income/expense updates via approved software, moving away from solely annual Self Assessment filings.
Monzo’s in-app solution targets straightforward cases, reducing reliance on costly external accounting tools (which small businesses spend nearly £5 billion on yearly).
A recent Monzo survey highlighted that while most sole traders know about the upcoming changes, many lack confidence in preparation.
As Jordan Shwide, General Manager of Monzo Business, noted, the tool aims to alleviate stress and build readiness by integrating tax duties seamlessly into everyday banking.
To add something to look forward to, for personal customers, Monzo has rolled out its Double Payday promotion, giving 10 lucky winners each month the chance to have their salary payment doubled.
Eligible participants—UK residents aged 18+ who receive weekly or monthly pay (between £300 and £20,000) via Bacs directly into their Monzo personal or joint account—are automatically entered (unless they opt out). Winners are selected randomly, with the doubled amount capped at £10,000 per prize.
This ongoing initiative (subject to potential changes with notice) marks payday by amplifying that financial boost for a select few among Monzo’s millions of users.
These updates showcase Monzo’s focus on leadership stability, regulatory support for small businesses, and customer incentives.