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 Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term 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 Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term, 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.

An incredible day at the #IPO Forum! 🌟

Some inspiring company leaders shared how they navigated the IPO process and their key lessons as a public company: @BrooksMacdonald, @PennonGroup, @Raspberry_Pi and @TritaxBigBox#CapitalMarkets pic.twitter.com/74RgE2w0Ij

— London Stock Exchange (@LSEplc) May 9, 2025

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.

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