Monzo explores sale to Brazil's Nubank, dampening London IPO hopes

Monzo has entered preliminary discussions with Brazil’s fintech giant Nubank about a potential sale, hiring Morgan Stanley and Qatalyst for advice. The transaction is expected to be valued between £8bn and £10bn, far above Monzo’s October 2024 valuation of £4.5bn. Nubank, which holds licences throughout the Americas and runs a major engineering centre in Berlin, would acquire a UK banking licence and Monzo’s 16 million retail and business clients.

The deal would likely end Monzo’s ambition to list on the London Stock Exchange, redirecting its strategy toward European growth. Monzo declined to comment, while Nubank said it does not comment on rumours. Recent boardroom changes at Monzo, including the chair’s early departure and a reshuffle of the chief-executive role, have added uncertainty to the IPO timeline.