Monzo, the UK's largest digital-only bank with over 10 million customers, is preparing for a potential initial public offering that could value the company at between £6 billion and £7 billion. The neobank has engaged Morgan Stanley to hold initial meetings with prospective investors, with the Wall Street firm positioned for a lead role in the eventual banking syndicate.

London is the favoured listing destination, which would make Monzo the most significant fintech IPO on the London Stock Exchange in years — a major boost for a market that has struggled to attract technology listings. While a New York listing was discussed internally, insiders indicate that Monzo's leadership has committed to the UK capital, potentially aided by recent listing regime reforms including a three-year stamp duty exemption for newly listed companies announced in the Chancellor's Autumn Budget.

The company's financial trajectory supports the ambition. Monzo reported pretax profit of £60.4 million for the fiscal year through March 2025 — a sharp increase from £15.4 million the year before. The bank now offers current accounts, savings products, lending, business banking, credit cards, pensions, and home insurance through a single app, employing approximately 4,000 people primarily in the UK.

Monzo is not the only fintech eyeing the London market. ClearScore, the credit monitoring service, is also laying the groundwork for a listing that could value it between £1.5 billion and £2.5 billion, while payments fintech Zilch and rival Starling Bank are considered potential candidates. The broader London IPO market is recovering: 23 companies listed in 2025, raising £2.1 billion — a 170% year-on-year increase in proceeds.

However, Monzo's leadership has signalled it will not rush into a listing, prioritising sustained profitability and operational resilience over a fixed IPO deadline. An early 2026 listing now looks less certain than previously expected, with the second half of the year emerging as the more likely window.