UK digital bank Monzo has reportedly lined up Morgan Stanley to pitch the company to investors ahead of a potential IPO in the first half of next year.
People close to the company told Sky News that bankers would be formally hired to work on the listing within months, with Morgan Stanley now expected to be handed a key role on the deal.
The news comes as Monzo marks its 10th anniversary this year. It now serves over 11 million personal customers — that’s 1 in 5 UK adults — and more than 600,000 business customers, or 1 in 9 UK businesses.
The company is believed to be eyeing a £6-£7 billion valuation for a listing in either London or New York.
In October last year, Monzo offered employees the opportunity to sell part of their stakes in the digital bank through a secondary sale that saw its valuation hit £4.5 billion.