Nubank rules out Monzo deal after reports of £8-10bn sale talks
Update (30 September 2026): Nubank (Nu Holdings, NYSE: NU) has said it is not pursuing a deal with Monzo. In a statement issued on the evening of 30 September 2026, the company said that while it does not generally comment on specific opportunities and regularly evaluates partnerships, investments and acquisitions, the extent of media speculation had prompted a clarification: "while we have a great deal of respect for Monzo, the Company is not pursuing a transaction with Monzo." Nubank reaffirmed its strategic priorities: deepening its position in Brazil, scaling in Mexico and Colombia, building its presence in the United States and expanding through Nu Global. Monzo declined to comment.
Market reaction: Nu shares fell around 8% on Monday 28 September 2026 after weekend reports of the talks, then rose about 6% in after-hours trading following the statement, according to City AM. Nubank has a market capitalisation of roughly $60bn and holds licences across the Americas, including conditional approval for a US banking licence granted in 2026, but has a limited footprint in Europe beyond a large tech and engineering hub in Berlin.
What was reported? Monzo had been reported to be in early-stage talks with Nubank over a potential sale valuing the UK digital bank at between £8bn and £10bn, according to a Sky News report on 26 September 2026. Any deal would likely have been structured as a cash-and-stock combination. Monzo had reportedly engaged Morgan Stanley and Qatalyst PartnersDealroom has a profile for this one. Try Dealroom → as advisers, while its board was also weighing a new funding round valuing the company at more than £8bn as an alternative to a sale.
Why it matters: With Nubank ruling out a transaction, Monzo remains independent and attention returns to its other options: a new funding round, a public listing (it was reported in May 2025 to be lining up bankers for a potential £6bn IPO) or another strategic investor. The episode comes after a period of boardroom change at Monzo, including chair Gary Hoffman's decision in September 2026 to step down early and the planned handover from long-time chief executive TS Anil to former Google executive Diana Layfield, announced in October 2025.
Read more: City AM · Reuters · Marcel van Oost (LinkedIn) · Sky News · Mark Kleinman / Sky News (X) · Seb Johnson (X)
