Monument Bank looks to the US for possible IPO
Monument Bank, one of the UK’s fastest-growing challenger banks, has reportedly told investors it wants to go public in the US before 2027 – marking another blow for the London market.
The bank is in talks to raise £200m in private funding before pursuing a flotation on New York’s Nasdaq exchange, as reported by Sky News’ Mark Kleinman.
Insiders reportedly expect the bank to be valued at around £1bn after fundraising finishes.
According to Sky News, Monument aims to secure a secondary listing on a major Middle Eastern or Indian exchange following floating on the Nasdaq market.
Headquartered in London, Monument is a member of the UK’s top pre-IPO companies and gets its name after the iconic commemoration of the Great Fire of London.
Since launching in 2019, it has raised an estimated £135m from blue-chip investors.
London market’s attractiveness in question
The bank joins rival Monzo, which has also been the subject of speculation on which market it would seek to float on.
Opting to list overseas would raise further questions about the London Stock Exchange’s attractiveness after it suffered its biggest exodus in the last 15 years in 2024.
Stocks on the Nasdaq Exchange are generally considered more growth-oriented and volatile than their New York Stock Exchange counterparts, which are perceived as a more stable investment.
Monument particularly targets mass-affluent customers across the UK and is said to have opened more than 60,000 accounts to date.
It has also built a customer base with deposits at more than £60,000 on average, significantly ahead of its UK peers.
Ian Rand, the former Barclays executive who is now chief executive of Monument, told Sky News: “We anticipate that this will be our final fundraise that will support our product and international expansion, and fund our path to listing.
“We will explore all options for listing and make the final decision at the appropriate time.”