Monzo in talks to sell stake to Singapore wealth fund - report

18th Mar 2024 12:50

(Sharecast News) - Digital bank Monzo is reportedly in talks to sell an additional stake to one of Singapore's sovereign wealth funds.

The lender in "advanced negotiations" to raise in the region of $50m by issuing new shares to the Asian city-state's Government Investment Corporation (GIC), Sky News reported, citing unnamed sources, who added the top-up Monzo's recent funding round could be announced in the coming weeks.

Founded in 2015, Monzo last month sdaid it was report that it was raising more than £300m by selling shares to a syndicate of investors led by Capital G, the independent growth fund of Alphabet, Google's parent company.

The latest fundraising is expected to be the last before Monzo unveils an initial public offering, in which it would sell shares to the public. It recently revamped its corporate structure as it pursues an international expansion strategy that will serve as the prelude to a stock market listing.

It also created Monzo Bank Holding Group to avoid the company facing punitive capital treatment by British regulators as it launches in new overseas markets, Sky reported last September.

Existing Monzo investors include the Chinese group Tencent, Passion Capital, Accel and General Catalyst.

Reporting by Frank Prenesti for Sharecast.com