Monzo Takes Key Step Toward IPO with Morgan Stanley on Board

UK digital banking leader Monzo is reportedly moving closer to a long-anticipated IPO, with Morgan Stanley lined up to present the company to investors. According to Sky News sources, Monzo is expected to formally hire bankers within the coming months as it prepares for a potential public listing in the first half of next year.

The move comes during Monzo’s 10th anniversary year, a period marked by major growth milestones. The bank now boasts over 11 million personal customers—representing one in five UK adults—and more than 600,000 business customers, or roughly one in nine UK businesses.

Monzo is understood to be targeting a valuation between £6 and £7 billion for its IPO, which could take place in either London or New York. This follows a secondary share sale in October 2023, which allowed employees to cash out part of their holdings and placed Monzo’s valuation at £4.5 billion.

Bringing Morgan Stanley into the fold signals Monzo’s intent to capitalise on its momentum and investor appetite for high-profile fintech offerings.