Monday 26 January 2026 7:04 am | Updated: Monday 26 January 2026 7:05 am
FTSE 100 Live: Gold Surges Past $5,000 Milestone as Fintech IPO Caution Prevails
By: Simon Hunt, Maisie Grice and Maria Ward-Brennan
Welcome back to the FTSE 100 liveblog from City AM. Good morning from the City AM liveblog team.
In a historic market move, gold has surged past the $5,000 mark for the first time ever, signalling a significant shift in investor sentiment amid ongoing economic uncertainties. This milestone comes as brokers and stock exchange managers express cautious optimism for an IPO revival in 2026, following a prolonged four-year drought in new listings.
Fintechs Advised to Prioritise Business Model Strength Over Early IPOs
However, not all market participants share this enthusiasm for a potential flood of fresh companies entering the public arena. Speaking at an Innovate Finance panel discussion chaired by City AM, James Codling, managing partner of venture capital firm Volution, issued a stark warning to fintech startups.
Codling emphasised that fintechs must ensure they "get to the right place" in solidifying their business models before even considering an initial public offering. He argued that there is "nothing wrong with companies staying private for longer... if they have access to capital."
Reflecting on past missteps, Codling highlighted the disastrous outcomes of several high-profile fintech IPOs in 2018. "They floated and it was a complete and utter disaster," he recalled. "So I think float when it's the right time to float. Don't fall into the trap of floating too early and then finding that the market goes, 'Oh, this business model's pretty sh*t, actually.'"
Market Volatility and the Lingering Impact of Past IPO Failures
The managing partner pointed out that the fintech IPO market has struggled to recover from these early setbacks, largely due to the significant price volatility that spooked investors. "It was a real problem and I think the fintech IPO market hasn't recovered since then because [big price volatility] spooks the market," Codling explained.
While acknowledging the need for a functioning IPO market, Codling expressed a preference for portfolio companies to remain private for extended periods. This approach, he believes, allows them to thoroughly strengthen their foundations before facing the scrutiny of public markets. "I'd be more than happy to see our companies stay private for longer to make sure that they get to the right place before they can float," he concluded.
Weekend Headlines Recap
Here's a look back at our top headlines over the weekend:
- Labour erupts into civil war after Starmer allies block Burnham's by-election bid
- Reeves told City at 'critical juncture' after claims of golden age
- Trump threatens 100 per cent tariffs on Canada over China deal
- Mike Ashley confronts Asos board in latest retail row
- Fund giant slashes UK exposure as investors sour on Britain
- Babcock boss bows out after shares grow sixfold
