Monzo staff to receive 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 stakes in the UK digital bank.

Monzo is understood to be offering staff the opportunity to sell shares as part of a secondary share sale, which is believed to value the company at £4.5bn.

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

The secondary share sale, which was first reported by Sky News, would mean Monzo’s valuation has risen by almost £500m since May alone.

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

It reported its first annual profit in June, achieving a haul of £15.4 million.

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

The latest share sale comes amid growing speculation that the group could consider going public.

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 license in the country in 2021, when it was told it was unlikely to be approved. .