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London-based fintech Monzo is at odds over where to pursue a long-awaited market listing, with the digital bank’s chief executive pushing consideration of a US initial public offering while the board favours the UK market.
The banking app, which is backed by Alphabet’s investment fund CapitalG and China’s Tencent and was valued at $5bn last year, is holding preliminary discussions with bankers as it seeks to get “IPO ready” by the end of this year, according to people familiar with its plan.
Chief executive TS Anil currently favoured a listing in the US, said the people, while the company’s board was more inclined to floating in its home market, where it has more than 10mn customers. The discussions were in the early stages, the people added, and no decisions had been taken.
Monzo had not settled on a timeframe for its IPO and wants to be prepared for when market conditions allow it to go public, the people said. Monzo — founded in London a decade ago — was more likely to float in 2026, said one person close to the company, but is focused on getting its governance and paperwork ready this year. Monzo declined to comment.
The difference of opinion in Monzo’s top ranks about where to list could deal a potential blow to the London Stock Exchange and those trying to revive the fortunes of the UK equity markets. Companies floating in London raised the least money on record last year, according to Dealogic data, amid concerns over the UK market’s liquidity and valuations.
The fintech sector has emerged as one area that could potentially boost the London market’s fortunes with neobanks Monzo, Revolut and Starling all expected to list in coming years. While Europe’s most valuable start-up Revolut has not officially settled on a listing venue, its chief executive Nik Storonsky last year expressed a preference for the US.
Monzo’s chief executive Anil joined the group as its US boss in 2020 before stepping up to the top role, replacing founder Tom Blomfield after he left the role the same year.
The former Visa executive has been active in pushing for reforms to boost the appeal of London’s capital markets through his involvement in the “unicorn council”, a coalition of fintech leaders seeking to shape policy.
Monzo withdrew its application for a US banking licence in 2021, but Anil has since laid out ambitions to re-enter the country — this time via a banking partnership that would allow it to bypass a licence application. The company’s last $430mn financing round in 2024, led by CapitalG, was intended to fund for its US expansion plans.
The bank, which is known for its bright-pink cards, has in recent months appointed Tom Oldham, who helped oversee Brazilian digital lender Nubank’s US listing, as chief financial officer.
Monzo reported its first annual profit last year as higher interest rates, and growth in transaction and subscription fees boosted its earnings. It is also opening an office in Dublin as part of plans to enter the Irish market, which it sees as a possible gateway for future expansion in Europe.
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