Digital bank Monzo is reportedly eyeing a £6bn IPO in the first half of next year.
Sky News reports that the London FinTech is meeting with potential investors ahead of a possible float in London or New York.
Wall Street giant Morgan Stanley is expected to be handed a key role on the deal, according to Sky, which added that the timing, size and location of the IPO will depend on market conditions after the turmoil of US President Donald Trump’s trade wars.
A primary and secondary share sale last year valued Monzo at £4.5bn.
The profitable firm has more than 11m UK retail customers and 600,000 business clients.
Rival Revolut was valued at $45bn in its last funding round and recently reported a staggering £1.1bn in profit before tax.
Monzo, meanwhile, has recovered under the leadership of TS Anil since it was investigated by the Financial Conduct Authority for potential breaches of anti-money laundering and financial crime rules.
Last year it posted its first full year of profit – joining Revolut and Starling in the black – after more than doubling revenues.
Founded in 2015, it reported a £15.4m pre-tax profit in the year to the end of March 2024, compared to a £116.3m loss the year before.