Sky says Monzo is in early sale talks with Nubank at up to £10 billion

The price is 1.8 to 2.2 times the £4.5 billion Monzo was valued at in October 2024. That was an employee share sale, so it put no new money into the bank, and the jump is in what the shares are worth. At the Bank of England's rate on Thursday, September 24, the range is $10.6 billion to $13.2 billion.

The board is also weighing a funding round that would value Monzo above £8 billion and leave it independent, Sky said, with the money set aside for expansion in mainland Europe.

The talks are still early, and the main terms are still open. Sky said a deal would likely be paid in cash and stock, though no split has been set and Nu has not announced financing. Monzo has hired Morgan Stanley and Qatalyst to advise it.

Monzo declined to comment. "Nubank does not comment on rumours or speculation," Nu Holdings said.

Nu Holdings, the New York-listed company that owns Nubank, closed on Friday at $13.59, a market value of $65.8 billion. The close came before the report, and the shares have not traded since. At $13.2 billion, the top of the range is about a fifth of that value.

What a sale would change

A completed sale would hand Monzo to Nu Holdings, Sky said. That would rule out a short-term London listing, and it would end the option of raising money to stay independent.

In October 2025, Sky reported that an IPO would likely value the bank at more than £6 billion, and potentially around £7 billion, while investors hoped for up to £10 billion. London was the most likely venue, people close to the situation told Sky, though a listing in New York was also still open.

The plan to list has already changed who runs the bank. Sky said Gary Hoffman arranged the replacement of chief executive TS Anil last year, and major investors who had backed Anil to stay objected. Diana Layfield, a former Google and Standard Chartered executive, runs Monzo now, and the search for Hoffman's permanent successor is still going.

Agreeing a price would not close a sale. A buyer must get approval from Britain's Prudential Regulation Authority before taking control of a bank. The review can take up to 60 working days after a complete application, and pauses do not count toward that limit.

If there is no sale, Sky said a listing is a strong possibility within two years, in London or possibly the United States. No date and no exchange have been chosen.

A sale would put the price above the likely float value Sky described last October, and it would end the question of London or New York by skipping the listing.