Nubank Explores Buying Monzo for Up to £10 Billion

Brazil's Nubank is in early talks to buy British digital bank Monzo in a deal that could value it at £8 billion to £10 billion, Sky News reported on Saturday. Both companies declined to comment, which is the correct response to a talks story and not itself evidence the talks are advanced.

Talks and a signed agreement are different things, and Monzo is reportedly weighing two separate paths rather than committing to either. One is the Nubank sale, structured as a mix of cash and stock. The other is a new funding round that would value Monzo above £8 billion on its own, with the proceeds earmarked for expansion into mainland Europe rather than for an exit. A company running both processes at once has not decided it wants to sell.

How the price outruns Monzo's last round

Either number dwarfs where Monzo was priced less than two years ago. The company was valued at £4.5 billion in an October 2024 employee share sale to investors including Singapore's GIC and StepStone Group, according to Geo News, which also reported the talks. The low end of the Nubank range is already 78% above that mark; the high end is more than double it.

1. Oct. 2024 employee sale4.5 £ billion
2. Talks, low end8 £ billion
3. Talks, high end10 £ billion

Source: Geo News and MarketScreener, citing Sky News, accessed Sept. 26, 2026

A valuation moving that fast in under two years is usually backed by a growth number, and Monzo has one: pretax profit of £87.3 million for the year to March 2026, up from £60.5 million the year before, on revenue of £1.7 billion, up 39%, across 16 million customers.

Monzo, year to March 2026	Figure
Pretax profit	£87.3 million, up from £60.5 million
Revenue	£1.7 billion, up 39%
Customers	16 million

Why this is also a London Stock Exchange story

Monzo has been run since February by chief executive Diana Layfield, who took over after TS Anil's departure; the change followed a 2023 push by major shareholders Accel and Iconiq for changes to the board and the removal of its chairman. Morgan Stanley and Qatalyst are advising Monzo on its options, Geo News reported.

A Nubank acquisition would also close off a London listing the London Stock Exchange has spent years courting from Britain's fintech companies, following Revolut's decision to list outside the U.K. entirely. Losing Monzo to an all-stock-and-cash sale to a Sao Paulo-based, New York-listed bank with a market capitalization of about $65.5 billion would be a second version of the same outcome: a British-built fintech ending up on someone else's exchange, or on none at all. Valuations at this stage keep climbing across the category: Savvy Wealth priced its own fourth round at $600 million two weeks earlier, and Enveda doubled its valuation to $2 billion in the same stretch of September.

What Monzo and Nubank will not say

Neither company has confirmed which of the two paths, sale or new funding round, it prefers, and neither has put a date on a decision. The next event that would move this from talks to something reportable as fact is a definitive agreement or a term sheet, whichever Monzo's board signs first, and there is no date on the calendar for that yet.