Monzo Bank has formally submitted its prospectus to the Financial Conduct Authority ahead of a planned listing on the London Stock Exchange's main market, sources close to the deal confirmed on Tuesday. The digital bank, which now serves more than 10 million UK customers, is targeting a valuation of between £8 billion and £9 billion, making it the most significant fintech flotation in London since Wise listed in 2021. Goldman Sachs and JP Morgan have been appointed as joint global coordinators for the offering.

The IPO represents a landmark moment for London's ambitions to retain homegrown tech champions. Monzo CEO TS Anil signalled the company's commitment to a UK listing after months of speculation that the neobank might follow Revolut in considering a US listing. The prospectus reveals Monzo achieved full-year profitability in 2024 with pre-tax profits of £54 million on revenues exceeding £880 million, driven by its lending products, premium subscription tiers, and business banking division.

City analysts have broadly welcomed the filing, noting that Monzo's growth trajectory and diversified revenue streams distinguish it from earlier fintech IPOs that struggled post-listing. However, some fund managers have cautioned that the £9 billion ceiling valuation represents a significant premium to traditional banking peers. The offering is expected to include both primary shares and a secondary component allowing early investors including Accel and Y Combinator to partially exit their positions.