The talks were first reported by Sky News on 26 September 2026. Mark Kleinman reported that Monzo "is in talks about a sale to Brazil's Nu Holdings which could value it at between £8bn and £10bn, ending the prospect of a near-term IPO of a UK fintech champion."

Two further reporting chains followed with their own sourcing. Bloomberg reported that Nu Holdings "has held discussions to acquire UK digital bank Monzo Bank Ltd., according to people with knowledge of the matter," and that a potential deal could value Monzo at around £8 billion to £10 billion, per one of the people, all of whom asked not to be identified.

The Financial Times reported that Monzo is in talks to be acquired by Nu Holdings at £8bn to £10bn, and that Monzo also discussed selling a roughly 15% stake to private equity firms.

The talks are described as early and non-binding. Talks between Monzo and Nu Holdings remain at an early stage, there is no certainty an agreement will be reached, and Monzo has hired Morgan Stanley and Qatalyst to advise on a potential transaction that would likely involve a combination of cash and stock.

No formal offer has been tabled, both companies have declined to comment on the speculation, and Monzo's board is also weighing other paths including a fresh funding round.

Neither party has confirmed. Nubank's spokesperson 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."

Monzo declined to comment when reached by the FT.

On the comparison base: the potential valuation represents a substantial increase from the roughly £4.5 billion assigned to Monzo through a secondary share sale in 2024.

That secondary sale established a post-money valuation of $5.9 billion in October 2024, a $700 million increase over the $5.2 billion valuation following a May 2024 funding round.

The post's Monzo operating figures match Monzo's own report. Monzo's FY2026 figures show revenue of £1.7bn, deposits of £25.7bn (up from £16.6bn in FY2025), adjusted profit before tax of £172.6m, and 15.2m total customers.

Monzo reported pre-tax profits of £87.3 million for the year ending March 2026, up 44% year on year, added three million customers in the period, and holds £25.7 billion in customer deposits, up 55%.

On the share move and the analyst view: Nu Holdings closed 10.01% lower at $12.23 on 28 September 2026 amid the reports, with investors concerned over the £8 billion to £10 billion valuation range and the implications for share dilution.

Needham analyst Kyle Peterson kept a Buy rating and a $19 target on 28 September, above the $18.69 Street mean.