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Monzo in talks about multibillion pound sale to Brazil's Nubank. Saturday, 26 September 2026 09:59 By Mark Kleinman, City editor Monzo, the digital lender whose rapid growth has turned it into one of Britain's biggest consumer banks, is in talks about a sale to Brazil's Nubank which could value it at between £8bn and £10bn. Sky News has learnt that Monzo has been approached about a combination with Nu Holdings, which is listed on the New York Stock Exchange and has a market capitalisation of $65.5bn (£49.4bn). The discussions between Monzo and Nu Holdings are said to be at a relatively early stage, although the British company has engaged investment bankers from Morgan Stanley and Qatalyst to advise it and the outline terms of a deal are said to be under negotiation. One source close to the process said an acquisition of the UK lender by the Sao Paulo-headquartered digital bank was one of two principal options being explored by Monzo's board and shareholders. Money blog - follow latest The other is understood to be a new round of funding which would be expected to value Monzo at in excess of £8bn, with the proceeds used to facilitate further expansion in mainland Europe. Monzo has amassed a 16 million-strong customer base, with 15 million of those personal banking customers along with 1 million users of its business banking services. That scale makes it comfortably one of Britain's top 10 banks little more than a decade after it was founded by a group of entrepreneurs including Tom Blomfield. If a deal with Nu Holdings does proceed, it is likely to be structured as a combination of cash-and-stock, according to banking sources. The exact price Monzo would change hands for in a sale is unclear, although Monzo's shareholders are likely to want a significant premium to its most recent formal valuation, with £8bn entirely realistic and a £10bn price tag not out of the question, according to one analyst. Monzo was last valued at £4.5bn in a secondary share sale conducted in October 2024, with its value having risen very significantly during the ensuing two years. In its most recent annual financial results, the company reported a 39% surge in revenue to £1.7bn, with adjusted pre-tax profit 20% higher at £172.6m. While Monzo is a privately held company, with shareholders including an arm of Google's parent, Alphabet, and a Singaporean sovereign wealth fund, a sale to Nubank's owner would spark a fierce debate in the City. Monzo has been hailed for years as a UK fintech champion, with its rapid growth and record of innovation helping it to become one of the most valuable scale-ups of the last 20 years. Its most recent launch was Aura, which it says is the first credit card in the UK that lets customers automatically invest cashback as they spend, allowing them to balance daily rewards with building long-term financial progress. Government ministers and the London Stock Exchange have been engaged in vigorous efforts to persuade Monzo to list in the UK, with a stock market flotation a strong possibility in the next two years - if it is not sold to Nubank. However, a US listing would also be on the table given the geographical bias of the bank's investor register, meaning an initial public offering in London would in any case be far from assured. Revolut's founder recently confirmed that a dual listing in New York and London was under consideration. Removing the prospect of a Monzo IPO in the medium term would be perceived as a blow to the City, although a major investment from a large emerging markets banking group such as Nu Holdings could also deliver significant benefits to Britain's financial services industry. The talks between the two companies come during a wave of corporate activity in the UK fintech sector. Larger rival Revolut was recently valued at $115bn in a secondary share sale, although it is more profitable and has a bigger international customer base and product offering than Monzo. In addition to its home market, Monzo has launched in Ireland, with a customer waiting list now open in Spain. Other markets in continental Europe are expected to follow in due course. A sale to Nu's owner would combine Monzo with a rapidly scaling digital lender in South America. The company operates in Brazil, Colombia and Mexico, and now boasts 140 million customers, according to its website. News of a potential takeover of Monzo by Nu Holdings comes just weeks after Monzo confirmed the retirement of its veteran chairman, the banking industry stalwart Gary Hoffman. Last year, Mr Hoffman orchestrated the replacement of TS Anil, Monzo's chief executive, sparking a tussle with a number of major investors who had backed him to continue running the bank. Monzo is now run by Diana Layfield, a former Google and Standard Chartered executive, with a search for a permanent successor to Mr Hoffman ongoing. It has also appointed Rupert Keeley, a former PayPal executive, as Monzo's UK chair, part of a board separation aimed at positioning the company to capitalise on further growth in its home UK market and in Europe. The company has amassed a substantial customer base by developing a track record of product innovation, launching features such as its Gambling Block and Saving Challenge. It recently topped the UK competition watchdog's rankings for service quality across personal and business current accounts in the UK. Monzo's rapid growth has not been entirely without challenges, most notably being fined £21m by the Financial Conduct Authority in July 2025 for failings in financial crime controls. To strengthen its profile, Monzo has begun attaching its brand to prominent sports sponsorships including English cricket's Hundred tournament and newly promoted Premier League side Coventry City. Monzo declined to comment. In response to an enquiry from Sky News, Nu Holdings 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."

Nubank eyes Monzo as Brazil's neobank giant reaches for Europe. Latin America's biggest neobank has outgrown its home turf and now wants to conquer Europe. Nubank is in talks to acquire the British digital bank Monzo, which could be valued at £8 billion to £10 billion (about €9 billion to €11.5 billion) in a deal, according to Sky News, City AM reports. The talks are said to be at an early stage. "Nubank does not comment on rumors or speculation," the Brazilian company said. More than twice what it was worth two years ago. For Monzo, the deal would be a huge leap. The London-based neobank was last valued at £4.5 billion in October 2024 in a share sale by employees, so a sale to Nubank would more than double its value. Monzo is being advised by Morgan Stanley and Qatalyst Partners, according to City AM. Twice a week for free - never miss a story! The British bank's numbers are impressive, UKTN reports: * Revenue: It rose 39 percent to £1.7 billion (about €1.95 billion) in the fiscal year through March. * Profit: Pretax profit climbed 20 percent to £172.6 million (about €200 million). * Customers: Monzo has about 15 million personal and business customers, including 10.4 million monthly active users. * Deposits: Its accounts hold about £25.7 billion (nearly €30 billion). A sale would, however, bury Monzo's long-held plans to go public. As recently as May 2025, Monzo was reported to be preparing a London listing at a valuation of about £6 billion. The timing sparked fierce internal disputes: longtime chief executive TS Anil was pushed out in October 2025 but returned as vice chair after pressure from shareholders. Diana Layfield has run the bank since then, and chairman Gary Hoffman recently announced he is stepping down. Why Nubank wants Monzo. Nubank plays in a different league. The neobank founded by David Vélez, which went public in New York in 2021, is now valued at about $65 billion (about €56 billion). In the second quarter, it topped $1 billion in net income for the first time, according to its quarterly results. Its growth at a glance: * Brazil: About 118 million customers, well over half of the adult population. * Mexico: About 16 million customers. * Colombia: More than 5 million customers. * Total: Nearly 139 million customers, up 13 percent from a year earlier. That means Nubank is slowly reaching its limits in Latin America, and its next growth spurt has to come from abroad. That is exactly what Vélez is working on: just a few weeks ago, Nubank launched in the United States with an account paying 3.5 percent interest, a cash-back credit card and free transfers to Latin America. It has already received conditional approval for a U.S. bank charter. At the same time, the company introduced Nu Global, an account for people who move between countries, with balances held in the stablecoins USDC and EURC. In Europe, by contrast, Nubank has barely any presence beyond an engineering hub in Berlin. Monzo would change that overnight, giving Nubank a British banking license, a profitable customer base and a well-known brand without spending years building its own. The road to Europe. Monzo also wants to expand into Europe on its own. Brexit complicates that, though: a British banking license is not valid in the E.U., so the continent requires a separate license in an E.U. country. Nubank could help with its capital and speed up that expansion. According to Startup Fortune, Monzo is also exploring a funding round at a similar valuation as an alternative to a sale, which would let it finance its expansion on the continent independently. Several hurdles remain before any deal. Britain's regulators, the P.R.A. and the F.C.A., would have to approve it, along with authorities in Brazil and the United States. Monzo's shareholders would also have a say, including venture capital firms and thousands of small investors who bought in through crowdfunding campaigns. A challenge to Revolut. If the deal goes through, Revolut would face a new rival. With more than 75 million customers, the British neobank is the undisputed leader in Europe and is pushing hard into new markets itself, including with a U.S. banking license and a Swiss banking license. Berlin-based N26 and the Dutch bank bunq are also competing for customers in Europe. With Monzo behind it, Nubank could become the first neobank group to play a major role in Latin America, the United States and Europe at the same time. For Europe's fintech scene, it would also send a signal: one of the continent's most successful neobanks would end up in Brazilian hands instead of listing in London. Aus Datenschutz-Gründen ist dieser Inhalt ausgeblendet. Die Einbettung von externen Inhalten kann in den Datenschutz-Einstellungen aktiviert werden: