Monzo, the digital bank which counts one in five British adults among its customers, is closing in on the appointment of investment bankers to spearhead a stock market listing valuing it at more than £6bn, according to Sky News.
Monzo is working with Morgan Stanley, the Wall Street giant, on a series of meetings with potential investors ahead of an initial public offering which could take place as early as the first half next year.
The timing, size and location of an IPO are still to be determined and will depend on market conditions in London and New York. However, London is currently seen as the most likely listing venue for Monzo by board members and investors, according to people close to the situation.
The company, which saw its valuation soar to £4.5bn last year after primary and secondary share sales, is considering a further sale of existing shares to allow early investors and employees to cash in, although a decision to proceed has not yet been taken.
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Founded in early 2015, the company’s mission is to build the best bank account in the world. In August 2016 Monzo became a regulated bank, and a team of more than 2,000 people.
Now more than 12 million personal and business customers use Monzo to spend and manage their money, with hundreds more joining every day.
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