Monzo is recruiting investment bankers to advise on its long-awaited IPO, according to reports.
Founded in 2015, Monzo is one of the UK’s best-known neobanks. It’s raised close to $1.9bn in funding and currently has over 11m customers using its trademark hot pink coral cards, the majority of which are UK-based.
On Saturday, Sky News reported Monzo was in the process of hiring senior bankers from Wall Street stalwart Morgan Stanley to help steer the float, which is expected to value the company at over £6bn.
Sources tell Sky that while the exact timing and venue for the IPO remain up for grabs, London is currently the most likely candidate.
Sifted previously reported how the UK neobank’s CEO and its board were at odds over where Monzo should list. CEO TS Anil was said to favour floating the company in New York, while the company’s board preferred London.
If Monzo were to float in the US, it would mark another blow to the LSE (London Stock Exchange), which has in recent years failed to lure European tech companies like chip designer Arm and fintech Klarna away from the US.
But New York’s appeal has been under strain in recent weeks, after US president Donald Trump rolled out a punishing set of tariffs on trading partners around the world in April, sending stock markets plummeting and undermining the country’s reputation for stability.
In a recent interview with Sifted, former UK finance minister Philip Hammond suggested Trump’s tariffs could prompt more British fintechs to list at home.
“It’s not going to be easy, but it always helps if the Americans are busy shooting themselves in the foot,” he said.
A Monzo spokesperson declined to comment.
Read the orginal article: https://sifted.eu/articles/monzo-lines-up-bankers-to-steer-blockbuster-ipo-reports-say/
