As Monzo makes preliminary plans to go public, the UK digital challenger bank's CEO and board are reportedly at odds over whether to list in London or New York.
Founded in 2015, Monzo is in preliminary talks with bankers as it looks to get "IPO-ready" by the end of 2025, according to the Financial Times.
However, while the board are keen on listing in Monzo's home country, CEO TS Anil favours a New York IPO, says the FT, citing sources.
Anil joined Monzo from Visa in 2019 to lead the UK firm's fledgling US business, taking over as CEO the following year from co-founder Tom Blomfield.
With more than 10 million customers, Monzo is now one of the biggest retail banks in the UK by customer numbers. After a rocky post-pandemic, the lender has bounced back strongly, moving towards profitability and hitting a £4.5 billion valuation in an employee share sale late last year.
A New York listing would be another blow for the London Stock Exchange, which has struggled to attract tech talent in the face of competition from US venues, which have won over the likes of European BNPL giant Klarna.
The FCA last year announced plans to overhaul listings rules, setting out a simplified regime with a single category and streamlined eligibility for those companies seeking to list their shares in the UK.