Monzo was expected to go public until 2024. The neobank has recently been approached by banks eager to handle its IPO, but the company does not appear to be in a rush.
Competitor Revolut has also been progressing toward its own IPO, and Starling Bank has similarly hinted at going public.
Monzo going public is still one of the most anticipated FinTech IPOs, but investors will have to stay patient for now. As a UK-based bank, it will most likely be listed on the London Stock Exchange (LSE).
Founded |
2015 |
Headquarters |
London, United Kingdom |
Number of employees |
3,700+ |
Revenue 2025 |
£1.235 billion |
Stock Exchange |
London Stock Exchange |
Potential Valuation |
$6 - $10 billion |
Monzo is a UK-based neo-bank, which was founded in 2015 by Tom Blomfield, Jonas Huckstein, Jason Bates, Paul Rippon, and Gary Dolman - all of them previously worked at competitor Starling Bank.
Monzo had over 12 million customers in 2025. Monzo's banking services are accessed by clients through its mobile app, and only limited features are available on the web browser version. Being an online bank, the company does not have any branches.
Monzo has several revenue streams. Its free account covers the basics, while paid tiers add benefits such as travel insurance, higher savings rates, and cashback. Business accounts are also available, with a paid Pro tier for more advanced needs.
Like other banks, Monzo also makes money on interest, overdraft fees, issuing consumer loans, and interchange fees (a small fee deducted from the merchant for every transaction executed by a card issued by Monzo).
In the UK - Monzo's main market - the company is competing primarily with Revolut and Starling. While Revolut has expanded more aggressively into international markets, Monzo has focused on deepening its UK presence.
Monzo is currently a privately-owned company, with the largest shareholders being its founders and a mix of institutional investors.
Its most recent valuation stands at $5.9 billion (up from $4.5 billion in 2022). For comparison, Revolut is currently valued at $75 billion, while N26 sits at approximately $6 billion after a significant valuation reset from its 2021 peak of $9 billion.
The road to an IPO has become a bit more complicated lately. Following CEO TS Anil’s departure in late 2025, which reportedly stemmed from a boardroom clash over exactly when to go public, the company's direction may have shifted. His successor, Diana Layfield, is now focusing on international growth first.
Source
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An Initial Public Offering (IPO) is an investor’s first chance to gain exposure to an organisation. An IPO is an important milestone for a company looking to raise capital and an opportunity for investors to get involved in a hopefully growing business.
With Axi you can get exposure to Monzo IPO as soon as it’s listed on a specific exchange and prices from the exchange become available to our liquidity providers.
Sources: Bloomberg
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