Talk of a London listing for Monzo could give way to a Brazilian exit. Nubank has opened early talks to acquire the British digital bank, according to Sky News, in a deal that City AM and the Financial Times value at between £8B and £10B.
That range sits far above Monzo’s last mark. Employees sold shares in October 2024 at a £4.5B valuation, and the company had been preparing a listing at roughly £6B. Morgan Stanley and Qatalyst Partners are advising, City AM reported.
A sale would close the book on years of on-again, off-again IPO planning and internal argument over timing. Long-serving chief executive TS Anil left in October 2025 and later returned as vice-chair of the board.
Scale explains Nubank’s interest. The São Paulo neobank, listed in New York since 2021, is worth about $65B and crossed $1B in quarterly net profit for the first time. Latin America is maturing, so founder David Vélez has looked abroad: Nubank launched US accounts this year and holds a conditional American bank licence. Europe remains a gap, with only a development site in Berlin.
Monzo would hand it a UK banking licence, a profitable customer base and a recognised brand, rather than years of building. Monzo separately wants EU expansion, which its post-Brexit licence does not cover.
Regulators in Britain, Brazil and the US would all need to clear a deal, and Monzo’s thousands of crowdfunding shareholders would get a vote.
