Monzo is preparing a secondary share sale that values the UK digital bank at approximately $5.9 billion, equivalent to around £4.5 billion, according to reporting published on 10 October 2024. The sale would mark a step-up from the $5.2 billion valuation the company commanded during a primary fundraising round completed in May 2024, and arrives in the wake of Monzo's first full-year annual profit.
The secondary share sale allowed employees to sell shares, with existing investors including Singapore's GIC and StepStone Group buying, rather than the company issuing new equity.
VALUATION AND FIRST ANNUAL PROFIT
The increase from the May 2024 valuation of $5.2 billion to the approximately $5.9 billion level implied by the October secondary sale represents a roughly 13% step-up over approximately five months. Monzo reported its first annual profit, a pre-tax profit of £15.4 million for the financial year to March 2024.
Beyond its original current account, Monzo offers products including savings accounts, personal loans, business banking, and premium subscription tiers.
LISTING PLANS AND UK PEERS
Monzo has not announced an IPO timetable.
Monzo and Starling Bank received UK banking licences in the mid-2010s; Revolut obtained its UK banking licence, with restrictions, in July 2024. Starling achieved profitability earlier than Monzo.