Digital bank Monzo is set to hit a valuation of £4.5 billion as it offers employees the chance to sell part of their stakes in the company through a secondary share sale, according to a report by Sky News. This sale could see tens of millions of pounds worth of shares sold, with existing investors StepStone Group and Singapore state fund GIC offering to buy these shares.
This new valuation marks an increase from the £4.1 billion valuation achieved during a £500 million funding round earlier this year.
Monzo, which currently boasts over 10 million personal account customers, has become one of the UK’s largest retail banks by customer numbers. Following a challenging post-pandemic period, Monzo has seen a strong recovery by launching new services, such as pension and investment products, and preparing for a move into the insurance sector.
After years of financial losses, the digital bank is on track to achieve profitability this year.