Monzo is an online mobile bank that boasts upwards of seven million active customers, making it the UK’s seventh-largest operational bank. It has a valuation of $4.5 billion and earns an average annual revenue of $545 million.
Investors eagerly await the release of the Monzo IPO after CEO TS Anil stated that the company will go public sometime in 2023. This article discusses everything we know so far about the Monzo IPO, its history, funding, valuation, and predicted IPO date.
Monzo is a UK-based online bank run entirely through a mobile app. It has a full banking license and serves upwards of seven million customers, making it the country’s seventh-largest bank by the number of active users.
Founded in 2015 by British entrepreneur Thomas Benjamin Blomfield, Monzo is one of the fastest-growing banking services in the world. In under five years, the company went from making practically nothing to six figures monthly.
By the end of 2022, Monzo closed an annual revenue of £440 million (approximately $545 million), a 2.5 times increase from the previous year.
Monzo kept its growth strategy under wraps, but it did mention that over 350,000 people have subscribed to its Monzo Plus and Monzo Premium plans, costing £5 and £15 per month, respectively.
The bank also stated that over 200,000 businesses use Monzo’s banking services, with at least half subscribed to Monzo’s Pro business account (£5 per month).
With nearly 150,000 new signups each week, Monzo rivals the growth of challenger banks Starling and Revolut. As of 2023, Monza has a valuation of £3.7 billion ($4.5 billion).
Monzo has yet to reveal an official Initial Public Offering (IPO) date.
Several well-known investment companies have approached Monzo about a potential IPO, but formal talks have yet to be established. When asked about developments, the company declined to comment.
In a 2021 Wired interview that talked of Monzo’s IPO plans, CEO TS Anil mentioned that the company will likely go public sometime in 2023 or 2024 at most.
With that said, CEO Anil stated that Monzo is more focused on launching their services in the US than going public. And with the ongoing recession and financial crisis underway, the IPO might be pushed back later than expected.
Monzo is currently Europe’s third most valuable neo-bank, right after Revolut and N26. It broke the world record for the fastest crowdfunding in 2016, raising upwards of £1 million in under two minutes (96 seconds).
It has raised $1.18 billion in funding, the most recent being a $475 million Series H round led by Abu Dhabi Growth Fund.
As the third-largest neo-bank in Europe, Monzo is quickly becoming one of the world’s most valuable online banking platforms. Investors keenly await an IPO, which is believed to be scheduled sometime in 2024 or 2025 at most if the global conditions are met.
For the best chance of acquiring Monzo stock early on, sign up with eToro, as they will make IPOs such as this available to you as early as possible.
If you are in the USA, register for the IPO here.
For most of the rest of the World (Europe, UAE, Australia etc), register for the Monzo IPO and others here.
If eToro is unavailable in your country, sign up with Switchmarkets, as they will make new listings, such as Monzo, available to you as soon as possible.
Please Note: You must fully activate an account and deposit to obtain these positions through eToro.
The information in this article is well-researched and factual. Still, it contains opinions also, and IT IS NOT FINANCIAL ADVICE and should not be interpreted as such, do not make any financial decisions based on the information in this article; we are not financial advisors. We are journalists. You should always consult with a professional before making any investment decisions. We hold no stock or interests in any of the Companies discussed on this website/app.
© 2023 IPO News | All Rights Reserved.
+356 9930 3934
Leave a Reply