Monzo is offering to hundreds of its employees the opportunity to sell part of their stakes in the digital bank through a secondary sale that sees its valuation hit £4.5 billion, according to Sky News.
The digital bank, which employs more than 3,700 people, has secured demand from investors, including a Singaporean state fund, to buy employee-owned stock at a huge valuation, Sky News learns.
Sources close to the deal said employees were likely to sell tens of millions of pounds-worth of stock as part of the deal, which is being launched less than three weeks before Rachel Reeves, the chancellor, is expected to increase the rate of capital gains tax in her inaugural budget.
Earlier this year, Monzo raised more than £500m by selling newly issued shares to a group of investors led by Capital G, a division of Alphabet-owned Google. That primary share sale valued the business at £4.1bn.
Monzo, which has more than 10 million customers, has become one of Britain’s most successful, and valuable, fintech companies. Monzo now ranks as the seventh-biggest bank in Britain by number of customers, with one in five adults and one in 16 businesses now banking with it.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
