From my point of view, I’m less trusting of any Softbank-related valuation given the whole WeWork debacle where they massively overvalued the business and were left with much egg on their faces.
In the case of Monzo, I tend to agree with those who think the valuation is being held back because it’s being looked at as a UK-only proposition. I think once they’ve reset their US arm and have a clear plan for what they’re doing there again, then they will start getting better valuations again.
Yes I sort of agree. Although, I think there must be at least some hope of international expansion factored in, otherwise for the current valuation they must be hoping for a very considerable increase in the size of the U.K. business.
But, I definitely agree that the current valuation strongly reflects the possibility of it growing as U.K. only.
I think, sadly, due to previous investment decisions and it supporting its own book by inflating subsequent rounds, most “valuations” softbank are involved in should be taken with a pinch of salt.