Treasury meets Monzo and Revolut bosses amid plea for London listings
The Treasury courted top UK fintech names including Monzo and Revolut on Tuesday in hopes of convincing the country’s most valuable unicorns into listing on the London Stock Exchange.
Emma Reynolds, economic secretary to the Treasury, met with bosses from Monzo, Revolut, Clearscore and Oaknorth.
Chief executive of the London Stock Exchange Dame Julia Hoggett and Simon Walls, an executive at the Financial Conduct Authority, also joined the meeting.
The summit, as first reported by Sky News, follows reports that fintech giant Monzo was gearing up for an initial public offering (IPO) which could value it at £7bn.
After a period of rapid acceleration for the industry in 2024, a fleet of fintech firms are hotly anticipated to float in the near future.
Can Monzo and Revolut boost the LSE?
Any landmark fintech listing would provide a desperately needed boost for the embattled London Stock Exchange.
LSEG data shows 88 companies – including tech darling Darktrace and Paddy Power owner Flutter – either delisted or transferred their primary listing away from London’s main market in 2024, with only 18 firms joining.
The Financial Conduct Authority pledged to industry stakeholders at last week’s IPO Forum that it would “put the public back in IPO,” as revealed by City PM.
But, the LSE may face an uphill battle to attract firms.
Nik Storonsky, chief executive of Revolut, publicly stated at the end of 2024 that a London listing was “not rational” when compared to the US market’s liquidity and lower trading costs.
Many industry bosses have said that geopolitical tensions had disrupted IPO prospects.
Jaidev Janardana, chief executive at Zopa Bank, told City PM last month: “I feel that free opening of IPOs is far out and the current market conditions do not have that at all.”
Whilst a floatation was not a priority for the firm, Janardana said the “business was ready, the markets need to be ready as well.”