Monzo brings in bankers to advise on £6bn float
Monzo is close to hiring investment bankers to spearhead a blockbuster public listing valued at more than £6bn.
The digital challenger bank is working with the Wall Street bank Morgan Stanley on a series of meetings with would-be investors ahead of an IPO that could take place early next year, according to Sky News.
Sources said investment bankers would be formally hired to work on the listing within months, with Morgan Stanley given a key role in the deal.
The timing, size and location of any IPO has yet to be decided and will depend heavily on market conditions in London and New York.
London is seen as the most likely listing venue by Monzo’s board and investors, sources told Sky News.
Founded a decade ago, Monzo has become a staple of UK fintech and serves more than 10m customers. It employs around 4,000 people, primarily in London.
Speculation has swirled over a possible listing in recent years. Last July, Monzo’s chief executive TS Anil told CityAM he wished to grow the business “several times” larger before an IPO.
The London-based neobank’s valuation soared to £4.5bn last October after a primary and secondary share sale.
According to Sky News, the firm is considering a further share sale, although a final decision has not been taken yet.
Banking sources suggest a listing could value Monzo in the region of £6bn to £7bn.
Monzo has been approached for comment.