Nu Holdings said it was not pursuing a transaction with Monzo. The Brazilian digital-banking group issued the clarification on 30 September after reports of preliminary acquisition discussions. Those reports had placed a possible valuation for the British bank at £8 billion to £10 billion. Nu said that, as a matter of general practice, it does not comment on specific opportunities but was clarifying its position given the extent of media speculation.
Nu said it routinely evaluates partnerships, investments and acquisitions that could support long-term growth. It said its priorities remained deepening its position in Brazil, scaling its businesses in Mexico and Colombia, and building its presence in the United States and other markets through Nu Global. The company also said its capital-allocation framework was unchanged. That framework assesses strategic fit, expected returns, long-term value per share and the resources required for execution.
REPORTED TALKS HAD LINKED TWO DIGITAL BANKS
Earlier reports by Sky News and the Financial Times said Monzo and Nubank had held early-stage discussions about a possible transaction. The reports said a combination could involve cash and shares, while stressing that discussions might not produce an agreement. They also said Monzo had engaged Morgan Stanley and Qatalyst as advisers.
Monzo had been considering more than one route to fund further growth, according to the reports, including a minority stake sale or another capital raising. The British bank reported £1.7 billion of revenue and £87.3 million of pre-tax profit for the year ended March 2026. It serves about 16 million customers, mainly in the United Kingdom, while Nubank serves about 140 million customers across Brazil, Mexico and Colombia.
THE DENIAL CHANGES THE NEAR-TERM DEAL OUTLOOK
Nu said that while it had "a great deal of respect for Monzo", it was not pursuing a transaction with Monzo. No formal acquisition filing or agreed transaction has been announced.
Nu said it was "highly confident and focused" on its strategic priorities in Brazil, Mexico, Colombia, the United States and other markets.