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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 delaying consideration of a US initial public offering while the board favors the UK market.
The banking app, which is backed by Alphabet’s investment fund CapitalG and China’s Tencent and was valued at $5 billion last year, is holding preliminary discussions with bankers as it seeks to be “IPO ready” by the end of this year, according to known people. with her plan.
Chief Executive TS Anil currently favored a US listing, the people said, while the company’s board was more keen to navigate its domestic market, where it has more than 10 million customers. Discussions were in the early stages, the people added, and no decision had been made.
Monzo had not decided on a time frame for its IPO and wants to be ready 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, a person close to the company said, but is focused on preparing its governance and filings this year. Monzo declined to comment.
The difference of opinion in Monzo’s top ranks over where to list could deal a potential blow to the London Stock Exchange and those trying to revive the fortunes of UK stock markets. London-listed companies raised the least money on record last year, according to Dealogic data, amid concerns over liquidity and UK market valuations.
The fintech sector has emerged as an area that could boost the London market’s fortunes with neobanks Monzo, Revolut and Starling all expected to list in the coming years. While Europe’s most valuable start-up Revolut has not officially settled on a listing country, its chief executive Nik Storonsky last year expressed a preference for the US.
Monzo 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 in the same year.
The former Visa executive has been active in pushing for reforms to increase 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 license in 2021, but Anil has since laid out ambitions to re-enter the country – this time through a banking partnership that would allow it to bypass a license application. The company’s latest $430 million funding round in 2024, led by CapitalG, was aimed at funding its US expansion plans.
The bank, which is known for its bright pink cards, has in recent months appointed Tom Oldham, who helped oversee the US listing of Brazilian digital lender Nubank, as chief financial officer.
Monzo reported its first annual profit last year as higher interest rates and rising transaction and subscription fees boosted its earnings. It is also opening an office in Dublin as part of plans to tap into the Irish market, which it sees as a potential gateway for future expansion into Europe.
