Investment banks have approached the British bank Monzo about a potential initial public offering of shares.
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The IPO may take place in 2024 or 2025. The information currently available says that several investment banks have applied with this proposal, but their exact number and names are not reported. Negotiations on the placement of shares are at the initial stage. Monzo is studying the prospects of the proposal and has no plans to comment on this initiative yet.
The bank is also currently exploring partnerships and acquisitions in the welfare and trade sectors. The lender is in negotiations with Wealth Kernel.
Monzo was founded in 2015. The bank was originally called Mondo. The founders of the financial institution are Tom Blomfield, Jonas Hackstein, Jason Bates, Paul Rippon, and Gary Dolman. In February 2016, Mondo set a record for the fastest crowdfunding campaign in history. The bank managed to attract investments in the amount of 1 million pounds in 96 seconds using the Crowdcube investment platform. In August of the same year, the financial institution changed its name to Monzo.
In June 2018, the bank announced integration with IFTTT. This solution allowed users to connect accounts to smart devices and services. During the same period, Monzo announced the beginning of cooperation with TransferWise to make international money transfers from its application.
Initially, the bank provided services only through a mobile application and a prepaid debit card. In April 2017, all restrictions related to Monzo’s activities were lifted. As a result of new opportunities, the bank has opened a full current account.
At the end of 2021, Monzo managed to attract investments in the amount of 418 million pounds. In July 2022, the financial institution reported receiving annual revenue, the amount of which is 154.2 million pounds.
As we have reported earlier, Starling and Monzo have topped the rating of personal and business current account providers in the UK.
