UK digital bank Monzo is reportedly gearing up for a potential IPO in the first half of next year, enlisting the services of Morgan Stanley to engage investors.
According to sources familiar with the matter, formal arrangements with bankers will take place within the coming months, with Morgan Stanley likely to play a pivotal role in the process.
This development coincides with Monzo’s 10th anniversary. The bank currently serves over 11 million personal customers—equivalent to one in five UK adults—alongside more than 600,000 business customers, representing one in nine UK businesses.
Monzo is reportedly targeting a valuation between £6 billion and £7 billion for its listing, which could take place in either London or New York. Last October, the bank facilitated a secondary sale for employees, allowing them to sell portions of their stakes, which propelled its valuation to £4.5 billion.