News has discovered that Monzo informed employees on Thursday that it was going to begin a secondary share offering, which will be supported by several of the top technology investors in the globe.
Employees were expected to sell stock worth tens of millions of pounds as part of the arrangement, according to sources close to the negotiations. The transaction is being announced less than three weeks before chancellor Rachel Reeves is anticipated to raise the capital gains tax rate in her first budget.
With over 10 million customers, Monzo has emerged as one of the most prosperous and valued fintech startups in Britain.
It has over 3,700 employees.
It sold freshly issued shares to a group of investors led by Capital G, a branch of Alphabet-owned Google, earlier this year, raising more than £500 million.
The initial share sale brought in £4.1 billion for the company.
Employee equity was purportedly purchased by GIC, the Singaporean sovereign wealth fund, and StepStone Group, two current Monzo investors.
According to an insider, it would establish a new benchmark for Monzo’s valuation as it moves closer to an IPO, which is expected to happen within the next few years.
