As Monzo reportedly mulls a UK float, how is the fintech bank perceived by the UK public?

Can we really call Monzo a “challenger” any more? In April, the digital bank passed the 11 million customer mark – making it the 7th-largest bank in the country by customer numbers – and is, according to reports, appointing advisers to spearhead a UK IPO later this year. 

Rumours of Monzo listing on the stock exchange have been floating around for a few years. But the bank has come a fair way since then. On the commercial side, it recorded its first profitable year in 2024; a potentially important milestone ahead of a listing. And while the company’s brand scores have been positive for years according to YouGov BrandIndex, they have got even better since CEO TS Anil initially teased an IPO in 2021. 

Back then (1 April 2021), overall Impression scores – a measure of overall positive and negative sentiment – were 8.6; in the years since, these measures have climbed to 12.4 (+3.8). This leaves Monzo nearly twice as well-liked as banks and building societies on average (6.8). Customer Satisfaction has also improved from 5.4 to 9.9 (+4.5) as of 13 May 2025, again leaving it ahead of the wider industry (5.0). This has perhaps contributed to higher-than-average consumer advocacy: Recommend scores – at 6.9 in 2021 – have climbed to 10.7 as of our most recent data, compared to 4.4 for banks and building societies on average. 

Overall brand health, as measured by Index scores, sits at 10.1 as of 11 May 2025; scores for the sector are 5.7.

When the idea of Monzo listing on the UK stock exchange was first mooted, there was some scepticism. One commentator said the company had a direction, but “wasn’t going to make any money at all”, and was “stuck between whether to be virtuous or to be businesslike.” Things look different in 2025: the bank is now profitable after years of losses – but judging from its good (and improving) brand metrics, it’s become so without seemingly sacrificing what customers liked about it. 

This article originally appeared in City A.M.