UK digital challenger Monzo has been approached by investment banks about a potential initial public offering, according to Business Insider.
Several banks have approached Monzo interested in handling an IPO, which could go ahead in 2024 or 2025, says BI, citing sources.
However, the talks are at an exploratory stage and Monzo is said to be in no rush to go public.
BI also says Monzo is exploring partnerships and acquisitions in the wealth and trade sectors, with talks ongoing with WealthKernel.
Founded in 2015, Monzo raised $500 million at a $4.5 billion valuation in late 2021 – before a market downturn that has hit the fintech sector’s ability to raise funds.
That raise was followed, in July, by promising financial results that showed revenues soaring 92% and losses narrowing.
The company was also given a clean bill of health by auditors, which, during the pandemic years, had cautioned on the lender’s ability to continue as a going concern.