As Monzo gears up for a potential public offering, the leadership of the UK-based digital challenger bank is reportedly divided on whether to pursue a listing in London or New York.
Founded in 2015, Monzo is engaging in preliminary discussions with banking partners, aiming to be “IPO-ready” by the end of 2025, according to the Financial Times. While the board expresses a strong preference for a listing in the UK, CEO TS Anil advocates for an IPO in New York, as detailed by the FT.
Anil, who joined Monzo from Visa in 2019 to spearhead the company’s emerging US operations, succeeded co-founder Tom Blomfield as CEO the following year. With over 10 million customers, Monzo has established itself as one of the leading retail banks in the UK. Following a challenging period post-pandemic, the bank has rebounded robustly, moving closer to profitability and achieving a valuation of £4.5 billion during an employee share sale last year.
A shift to a New York listing could pose further challenges for the London Stock Exchange, which has been under pressure to attract tech companies amid increasing competition from US exchanges—competitors that have successfully lured notable names, such as the European buy-now-pay-later giant Klarna.
In response to these dynamics, the Financial Conduct Authority (FCA) announced plans last year to revamp UK listing regulations, aiming to introduce a simplified framework that streamlines eligibility for companies looking to list their shares domestically.