Latest news with #challengerbank
Yahoo
22-07-2025
- Business
- Yahoo
Challenger bank Cynergy seeks £1bn valuation in minority sale
A challenger bank previously owned by Cyprus's biggest lender is in talks to sell a minority stake at a valuation of up to £1bn. Sky News has learnt that Cynergy Bank, which specialises in lending to SMEs, has appointed Perella Weinberg Partners, the investment bank, to identify prospective new investors. Money latest: 'Sin taxes', pensions raid and 'stealth' income tax rise on way, say top economists Spun out of Bank of Cyprus, Cynergy Bank has been trading under its current name since 2019. It has been growing rapidly amid a slew of disrupters to enter the small business banking space since the last financial crisis. Among Cynergy Bank's peers are Allica Bank, Oaknorth and Starling Bank. To date, it has lent more than £4bn to business customers. One source close to the minority sale process said the proceeds would be used in part to provide growth capital to the company, with existing shareholders also expected to take some money off the table. Cynergy Capital, which bought the business from Bank of Cyprus for just over £100m, is backed by investors including Pradip Dhamecha (OBE), Balbinder Sohal, John Coulter and Ann Jones. Read more from Sky News: The bank is now likely to be valued at between £750m and £1bn in any new transaction, although insiders cautioned on Tuesday that a deal was not certain to be struck. A formal investment process will get under way in September. A spokesman for Cynergy Bank, which is the official banking partner of Premier League side Brentford, declined to comment.
Sky News
22-07-2025
- Business
- Sky News
Challenger bank Cynergy seeks £1bn valuation in minority sale
A challenger bank previously owned by Cyprus's biggest lender is in talks to sell a minority stake at a valuation of up to £1bn. Sky News has learnt that Cynergy Bank, which specialises in lending to SMEs, has appointed Perella Weinberg Partners, the investment bank, to identify prospective new investors. Spun out of Bank of Cyprus, Cynergy Bank has been trading under its current name since 2019. It has been growing rapidly amid a slew of disrupters to enter the small business banking space since the last financial crisis. Among Cynergy Bank's peers are Allica Bank, Oaknorth and Starling Bank. One source close to the minority sale process said the proceeds would be used in part to provide growth capital to the company, with existing shareholders also expected to take some money off the table. Cynergy Capital, which bought the business from Bank of Cyprus for just over £100m, is backed by investors including Pradip Dhamecha (OBE), Balbinder Sohal, John Coulter and Ann Jones. The bank is now likely to be valued at between £750m and £1bn in any new transaction, although insiders cautioned on Tuesday that a deal was not certain to be struck. A formal investment process will get under way in September. A spokesman for Cynergy Bank, which is the official banking partner of Premier League side Brentford, declined to comment.
Daily Mail
12-05-2025
- Business
- Daily Mail
Monzo IPO: Digital bank plans stock market float with £6bn valuation
Monzo is gearing up to appoint bankers to help with a potential stock market listing, reports suggest. The digital bank is looking to formally appoint bankers to work on a stock market float which could see Monzo valued at £6billion. Morgan Stanley is likely to be handed a key role in brokering the deal. The Wall Street giant is one of a number of banks working with Monzo on a series of meetings with key investors, in a sign that early plans could be underway for an initial public offering (IPO). Bankers could be formally hired to work on the listing within months ahead of an IPO which could take place as early as the first half next year. The timing, size and location of the float are yet to be agreed, according to a report from Sky News. London is currently regarded as the most 'likely location' for a listing - which would be a boost to the London stock market if it goes ahead - rather than New York, but this will depend on market conditions. Monzo, launched in 2015, is now profitable and it offers current accounts and savings accounts as well as pensions and investments. Monzo has more than 11million retail customers and 600,000 business banking customers. It employees 4,000 people. It was launched as a challenger to the incumbent high street banks and rivals include other digital banks Revolut, which has a similar-sized customer base, and Starling which has over 4million current account customers. Last year it raised £500million from a group of investors in a transaction that valued the business at £4.1billion. Monzo declined to comment when contacted by This is Money.
