Monzo is now valued at $5.9 billion after the U.
K.-based challenger bank confirmed a secondary market share sale to provide liquidity for its employees.
A secondary market sale essentially rewards employees for getting a company to where it is, without having to go public — or, at least, buying it more time.
At the time of its March fundraise, Monzo said its pre-money valuation was £3.
6 billion ($4.6 billion), implying a post-money valuation of £4 billion ($5 billion) — this valuation rose slightly with the second tranche that followed in May.
Rival U.K.
neobank Revolut recently confirmed a new valuation of $45 billion via a similar secondary market sale, shortly after securing its own banking license in the U.K.
and Mexico.
“It’s great to be able to provide employees with some liquidity, while meeting further investor demand for Monzo equity,” Monzo CEO TS Anil said in a statement.
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