As Britain’s IPO drought drags on, the Treasury is trying to charm Revolut,
Monzo, and other fintech darlings into listing in London instead of flying the
fintech coop.

The Courtship of Fintech Royalty

The UK government is rolling out the red carpet—again—for fintech the
crown jewels of fintech. Treasury
officials have reportedly held talks with Revolut and Monzo, ClearScore and
OakNorth in an increasingly desperate effort to keep them in London. The goal?
Convince these unicorns to resist the siren song of New York’s glitz and
glamour and go public in the humble halls of the London Stock Exchange instead.
While other firms are clearly of interest, it’s Revolut and Monzo, now the UK’s
seventh largest bank, that are the prize.

The Ghost of IPOs Past

This flurry of schmoozing comes as the UK grapples with a prolonged IPO
dry spell. London hasn’t seen a blockbuster tech listing in years, and losing
chip designer ARM to Nasdaq last year still stings like a Brexit hangover.
That listing flop underscored a hard truth: for ambitious tech companies,
London currently lacks the sparkle (and the liquidity) of its U.S. rival.

Revolut, valued
at around $45 billion last year, and Monzo, which recently hit a cool £4-4.5
billion valuation after a fresh funding round, would be major wins for the
LSE. Their public listings could serve as a much-needed vote of confidence in
London’s tech sector—and a PR lifeline for a market battling perceptions of
stagnation.

So, What’s the Pitch?

According to reports, Treasury officials are trying to assure these
companies that the government is committed to making the UK the best place to
grow and list a company. “We are determined to make Britain the best place
in the world to start up , scale up and list. That’s why we are cutting red
tape, ensuring businesses can access the capital they need to grow and
supporting the country’s most exciting companies to thrive through our
industrial strategy,” said a Treasury spokesperson.

Translation: we’ll bend over
backwards if you promise not to ghost us.

Chancellor Jeremy Hunt has been vocal about this ambition, hinting at
reforms to
make UK capital markets more competitive. Think streamlined regulations,
incentives for tech IPOs, and maybe even a PR makeover for the stodgy old LSE.
But so far, the government’s charm offensive hasn’t sealed the deal.

In any case, neither company appears to have said anything concrete. At
this point, it’s like watching a peacock shaking his tail feathers and making a
lot of noise while his prospective mate picks through the corn.

Will London Win Out?

This is not just about patriotism or PR. For Revolut and Monzo, where
they list is a strategic decision that affects valuation, investor appetite,
and long-term growth. The U.S. markets—despite their volatility—offer deeper
pockets and a more tech-savvy investor base.

Why did a Bay Area-founded Fintech – backed by celebrated US VCs – choose to IPO in London?@jonprideaux, Director & Former CEO of @BokuPayments, calls London “probably the world’s best place for small / midcap IPOs”. https://t.co/KzgClztlAM#FinTech #AIM30 #IPO pic.twitter.com/aLCpOoAtXl

— London Stock Exchange (@LSEplc) February 6, 2025

Still, there’s a chance. With global regulators cracking down on U.S.
tech giants and geopolitical winds shifting, some firms might see value in listing
in The City. But unless the UK accelerates its reforms—and proves it can offer
more than just polite meetings and tea—the Treasury’s fintech courtship might
end up being just another story of unrequited love.

For more stories of fintech
and unicorns, visit our dedicated pages.