Exclusive: Fintech unicorns lukewarm on Reeves’ stamp duty holiday

cityam

Feb 18

The London Stock Exchange has struggled to woo big fintechs to commit to an IPO Two of Britain’s most exciting IPO candiates have warned the Treasury’s recent overhaul of stamp duty on shares will not...

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Zilch chief executive Philip Belamant previously trumpeted the payments giant’s readiness for life on public markets, describing the prospect of a London listing as “fantastic”. Meanwhile Thought Machine founder Paul Taylor told City AM in 2024 the firm was “definitely going to IPO” at some stage, and “very keen” for the debut to be in London.\n\nBut both companies have international investor bases, and boast large American private equity backers who – despite the stamp duty holiday – may be less inclined to push for a London listing unless it was clearly in the best interests of current and future shareholders.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nZilch’s  Belamant said: “The Unicorn Council was formed to create an open and honest dialogue between, and among, industry and government. While details of discussions should be private, the topics and views of the Council and its members are well documented and in the public domain. IPOs are complex and no one issue determines final decisions for any organisation.“As more of the right blocks are put in place then London’s potential as a listing destination increases. Dialogue in places like the Unicorn Council ensures clear and open communication to create positive momentum and achieve that outcome.”Stamp duty holiday introduced at Autumn BudgetThe London Stock Exchange (LSE) and ministers have been struggling to lure some of the UK’s brightest companies. For much of last year, London had dropped out of the top 20 IPO markets for the first time in history, before a flurry of market debuts in the final quarter of 2025 boosted its total.\n\nAttempting to coax more companies to list in the capital, Rachel Reeves unveiled a three-year holiday to stamp duty on shares at last year’s Budget, in a move she said sent “a simple message to the world: if you build here, Britain will back you”.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}