Monzo, the UK-based digital bank, is reportedly leaning towards a US market listing in what could be another setback for the London Stock Exchange.
Monzo Leans Towards US For Market Listing – The Times
According to a report by The Times this week, the fintech’s board is divided, with CEO TS Anil said to be favouring the US for its initial public offering (IPO), while other directors advocate for a UK listing.
The decision comes amid growing speculation about a possible IPO following Monzo’s strong financial performance last year.
The report notes that the bank achieved its first annual profit, reporting £15.4 million in pre-tax earnings for the 13 months ending March 2024, a significant turnaround from a £116.3 million loss in 2023.
Gross revenues more than doubled to £880 million, while deposits surged by 88% to £11.2 billion.
Founded a decade ago, Monzo has amassed around 10 million customers and positioned itself as a leader in app-based banking alongside competitors such as Revolut and Starling.
In 2024, it secured funding from Alphabet’s investment arm, valuing the company at £4 billion.
The London Stock Exchange has struggled to attract IPOs, with companies such as Revolut criticising its market liquidity.
Nik Storonsky, CEO of Revolut, recently described the US as a more attractive option for listings, citing greater liquidity and free trading.
