Brazilian lender Nubank walks away from £10bn Monzo takeover, raising hopes of a London stock market float

From the Newshound archive · first published 1 October 2026.

Nubank has abandoned a potential £10bn takeover of British digital bank Monzo, ending speculation that had sent the Brazilian fintech's shares down eight per cent on Monday. The Latin American giant said it has "great respect" for Monzo but is focused on deepening its position in Brazil and expanding across Mexico, Colombia and the US. After the denial, Nubank's stock climbed six per cent in after-hours trading. With the deal off the table, a Monzo listing on the London stock market looks more likely, given that market and government officials have been actively courting leading UK fintechs to list in the City.

Nubank, listed on the New York Stock Exchange with a market cap of around $60bn, had been reported over the weekend to be in talks with Monzo.

An acquisition would have set Nubank on a collision course with rival Revolut in Revolut's home continent, with both firms having received conditional US banking licence approval this year.

Nubank said it regularly evaluates partnerships and acquisitions but is 'not pursuing a transaction with Monzo'.