Monzo Chief Executive Officer And Board At Odds Over Where To Go Public
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Monzo is planning to go public, but the Chief Executive Officer and board of the UK digital bank can’t agree on whether it should list in New York or London. Established in 2015, Monzo is in discussions with bankers as it gets ready for an IPO by the end of this year, according to reports.
While the board wants to list in Monzo’s home country, Chief Executive Officer TS Anil prefers a New York IPO, the reports revealed.
The London Stock Exchange Saw The Lowest Public Offering Amounts Last Year
Anil started at Monzo after leaving Visa in 2019 to help grow the bank’s new U.S. business. He became the Chief Executive Officer the next year after co-founder Tom Blomfield left.
Monzo now has more than 10 million customers and is one of the largest banks in the UK. After some tough times following the pandemic, the bank has bounced back strong, moving closer to making profits and reaching a £4.5 billion value in a staff share sale last year.
Per the report, the disagreements over where to list might be bad for the London Stock Exchange. Firms going public in the UK secured the least funding ever last year and there are worries about how active and valuable the UK market is.
The report also revealed that fintech companies could help change things. Besides Monzo, other new banks like Revolut and Starling are expected to go public soon. But Revolut, which is the most valuable fintech in Europe, hasn’t picked a market yet, and its Chief Executive Officer noted last year that he prefers the U.S.
Last year, the FCA shared plans to simplify the rules for listing shares in the UK, hoping to help companies list more easily.
Monzo Added SignLive For Hearing-Impaired Customers
Monzo recently added SignLive, an online service that lets hearing-impaired customers talk with Monzo’s support team in British Sign Language (BSL). To use it, customers open the SignLive app, find and click on ‘Monzo’ in the directory, and they will be connected to an interpreter. The interpreter then helps by passing the conversation to a Monzo support person through video.
SignLive was launched in 2014 and now has more than 118 interpreters who help UK businesses talk with their customers in their first language. All interpreters are trained to keep people safe from fraud.
Monzo stated that the team believe everyone should be able to control their finances in the way that works best for them, including speaking in the language they prefer. This new service is part of the firm’s promise to make banking more accessible for everyone.
The company is copying the example of Santander and Nationwide, both of which recently added sign language services to help customers with online content.
