Monzo staff set for windfall worth tens of millions

Hundreds of Monzo employees are expected to pocket tens of millions of pounds after being given the opportunity to sell part of their holdings in the UK digital bank.

It is understood that Monzo is offering staff the chance to sell stock as part of a secondary share sale, thought to value the firm at £4.5billion.

The deal, which is expected to be announced today, is said to be backed by existing tech investors such as Stepstone Group and Singapore’s sovereign wealth fund GIC.

The secondary share sale, which was first reported by Sky News, would mean that Monzo’s valuation has surged by nearly £500million since May alone.

Monzo was valued at £4.1billion earlier this year after a fundraising round. The bank has more than 10 million customers, after adding about 2 million customers in just last year.

It reported its maiden annual profit in June, notching up a £15.4million haul.

Monzo, which was launched in 2015, employs around 4,000 people.

The latest share sale comes amid mounting speculation that the group might consider a stock market listing.

It is looking to enter the European market and said earlier this year that it wanted to target growth in the US market, having decided to withdraw its application for a banking licence in the country in 2021, when it was told it was unlikely to be approved.

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