Digital bank Monzo is in early discussions over a sale to Brazilian fintech giant Nubank, in a move that could crush hopes of the British firm listing on the London Stock Exchange.
The UK fintech has been approached by US-listed Nu Holdings and is understood to have tapped bankers at Morgan Stanley and Qatalyst to advise on a potential deal.
Monzo was valued at £4.5bn in October 2024 following an employee secondary share sale. Nubank launched its IPO on the New York Stock Exchange at the end of 2022 and now commands a valuation of $65.5bn (£49.4bn). Talks between the two companies were first reported by Sky News.
Nubank operates with licences across the Americas but has a limited footprint in Europe. Its main operational presence in the continent is a large tech and engineering facility in Berlin. A deal with Monzo could hand it a UK banking licence and access to the digital bank’s 16m retail and business customers across Britain.
This year Monzo confirmed it had ditched plans for expansion in the US and was redirecting focus to Europe, with Spain and Ireland expected to be the first areas of focus.
Such a deal would also tee up Nubank to take on rival Revolut in the latter’s home continent. Revolut has accelerated its expansion into Latin and North America over the last year, squaring it up for a battle with Nubank on its home turf.
The potential of sale could come with a price tag of between £8bn to £10bn.
Monzo’s IPO hopes and boadroom reshuffle
Monzo declined to comment. A spokesperson for Nubank said: “Nubank does not comment on rumours or speculation. We reaffirm our commitment to maintaining open, clear, and timely communication regarding all significant business matters.”
In May 2025, Monzo was reported to be lining up bankers for a potential £6bn IPO. It is among a fleet of fast-growing fintech companies in the UK that officials in government and the City had hoped would provide a boost to the depleted London market.
Over the last year a leadership rift triggered a shake-up in the bank’s boardroom. Chair Gary Hoffman confirmed his intentions step down last month, ending his tenure over a year earlier than his nine-year term permits.
It followed the departure and subsequent return of long-standing boss TS Anil. Anil said in October 2025 he would step down to make way for former Google executive Diana Layfield to take the reins as group chief executive.
It later emerged the former fintech chief had been locked in battle with the board regarding the timing of a public listing, with the former chief keen on an earlier schedule.
London had been viewed as the likely venue by Monzo’s board and investors, but there was speculation Anil was leaning towards New York.
Anil later returned to the Monzo board in vice-chair capacity after a collection of loyalists to the former boss threatened a rebellion against Hoffman.
