UK neobank Monzo is taking a big step toward its long-anticipated public debut. The company has reportedly started recruiting senior investment bankers from Morgan Stanley to advise on its IPO plans, signaling serious momentum behind what could be one of London’s most closely watched listings.
Founded in 2015, Monzo has grown into one of the UK’s most popular digital banks. With over 11 million customers — most of them in the UK — and its now-iconic hot coral cards, the fintech has raised nearly $1.9 billion to date. Industry insiders say the Monzo IPO could push its valuation past £6 billion.
London Takes the Lead — But Debate Over Venue Continues
While Monzo hasn’t officially confirmed when or where the IPO will take place, sources say London is the current front-runner. That’s a shift from earlier internal disagreements, where CEO TS Anil reportedly leaned toward a New York listing, clashing with board members who favored a UK debut.
The venue choice is more than symbolic. A U.S. listing would mark yet another loss for the London Stock Exchange, which has struggled to retain European tech darlings. Notably, Arm and Klarna both opted for U.S. markets, denting London’s credibility as a global tech listing hub.
Yet recent developments in U.S. politics may be tilting the scales. President Donald Trump’s new wave of tariffs has rattled markets and added volatility to Wall Street. The fallout could work in London’s favor, giving the city a rare edge amid the listing tug-of-war.
UK Fintechs May Return Home to List
Former UK finance minister Philip Hammond recently hinted that geopolitical missteps in the U.S. could drive more British fintech firms to float locally. In an interview with Sifted, Hammond said Trump’s trade decisions might ironically help the UK by creating uncertainty in U.S. markets.
“It’s not going to be easy,” Hammond admitted, “but it always helps if the Americans are busy shooting themselves in the foot.”
Monzo’s final decision remains to be seen, but with seasoned Wall Street bankers now onboard and global investors watching closely, the path to a Monzo IPO is clearer than ever.
