Monzo just hopped confidently into the IPO realm. The digital bank’s annual profit has surged over 300%, and the City is now waiting with bated breath for signs of its long-anticipated IPO.
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Monzo posted a £15.4 million pre-tax profit for the 12 months ending March, up from £3.6 million the previous year. The challenger bank also saw revenue rocket by 70% to £880 million, while its customer base climbed to 11.1 million, with an impressive 2.3 million accounts opened in the year alone.
Monzo Taps Wall Street Talent to Prep for Public Listing
The profit surge isn’t the only clue Monzo’s headed for a public debut. Over the past few months, the London-based firm has been stacking its bench with IPO-savvy hires. The most notable? Former Stripe and Robinhood executive Conor Walsh, who joined as Monzo’s new U.S. CEO in April.
In a note to City A.M., Monzo CEO TS Anil said the bank is “now sustainably profitable,” calling this a “major milestone” that would support “long-term investment.” Translation: they’ve stopped bleeding money and are now thinking seriously about going public.
While Monzo hasn’t confirmed the float officially, the signs are getting harder to ignore. The £4.5 billion fintech is now one of Britain’s hottest IPO candidates, especially after rival Revolut hit delays with its own listing.
Monzo Expands U.S. Ambitions as Profits Climb
It’s not just about the U.K. anymore. Monzo is doubling down on its U.S. push. The bank’s early pilot with U.S. customers is said to have been encouraging, and with Conor Walsh on board, Monzo seems to be moving fast to scale and go head-to-head with local neobanks like Chime.
Sources close to the company told City A.M. that expanding across the Atlantic is now “a strategic priority” and part of what makes the firm so attractive ahead of any IPO filing.
Whether Monzo files this year or next, profits are surging, the leadership bench is deeper, and momentum in the U.S. keeps building — so investors might not be left waiting much longer.
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