Nubank, the Brazilian digital bank with more than 100 million customers, is reportedly in early talks to buy UK digital bank Monzo at a valuation of £8 billion to £10 billion. The talks were first reported by Sky News, and Forbes analysed the numbers behind a possible deal. Neither company commented, and no deal has been announced.
At the top of that range, Nubank would be paying more than twice Monzo’s last valuation of £4.5 billion, set in an employee share sale in October 2024.
Key facts
- Reported price: £8bn to £10bn (Sky News)
- Status: early talks; no agreement announced
- Monzo, year to March 2026: 15.2m customers, £1.7bn revenue, £87.3m statutory pre-tax profit
- Alternative: Monzo’s board is also weighing a large funding round for European growth
- Approval needed: UK regulators PRA and FCA
Why Nubank wants Monzo
Nubank has been expanding fast beyond Brazil. It operates in Mexico and Colombia, began operating as a bank in Mexico in August 2026, and launched in the US in September. Monzo would give it a ready-made position in the UK and a foothold in the EU, where Monzo received a full banking licence in December 2025 and launched in Ireland in April 2026.
Monzo brings a fast-growing, profitable customer base: revenue rose 39% and deposits 55% in its latest financial year, and most new customers arrive by word of mouth.
A rich price
The reported price is steep. Forbes calculates that £10 billion would be about 58 times Monzo’s adjusted profit and 115 times its statutory pre-tax profit, and roughly £660 per customer, far above how investors currently value Nubank’s own customers.
Any deal would require change-of-control approval from the Prudential Regulation Authority and the Financial Conduct Authority. Monzo had previously been preparing for a possible London listing. ZUAS will update this story as the talks develop.
Sources
- Forbes (Zennon Kapron, contributor) September 27, 2026
- Sky News report, as cited by Forbes
