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Monzo Chairman Gary Hoffman to Step Down After Nearly Eight Years
Gary Hoffman is set to step down as chairman of Monzo next month after nearly eight years at the helm of the British digital bank.
Hoffman, a veteran of the banking industry who previously held senior positions at Barclays and Northern Rock, will be replaced on an interim basis by Monzo non-executive director Karen Peacock, subject to regulatory approval.
Monzo Enters a New Phase of Growth
Hoffman's departure comes as Monzo continues to expand rapidly in the UK and Europe.
The digital bank, founded in 2015, now has more than 15 million customers and reported £1.7 billion in revenue for its 2026 financial year. Monzo has also continued expanding its European presence after securing a banking licence in Ireland.
During Hoffman's tenure, Monzo's customer base grew dramatically, helping transform the fintech into one of Britain's most prominent digital banking brands.
Karen Peacock to Take Over on an Interim Basis
Karen Peacock, who currently serves as a non-executive director, is expected to become interim chair while Monzo searches for a permanent successor.
The company is also continuing to reshape its leadership structure as it prepares for its next stage of expansion in the UK and European markets.
Hoffman said the decision was his own and described the timing as a natural point to leave as Monzo moves into its next phase of growth.
A Long Career in Banking
Hoffman spent 25 years at Barclays, where he held several senior positions including chief executive of Barclaycard. He later led Northern Rock during the aftermath of the 2008 financial crisis and went on to hold senior roles at other financial and insurance companies.
He also previously served as chairman of the Premier League, adding to a career that has extended well beyond traditional banking.
For Monzo, his departure marks the end of an important chapter as the company seeks to build on its strong growth and strengthen its position across Europe.
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