Nubank says it is not pursuing Monzo takeover after shares plunge
Brazilian fintech Nubank has said it is not in active takeover talks with digital bank Monzo after shares in the firm plunged on speculation of a deal.
The Latin American giant issued a statement on Wednesday night saying while it does not generally comment on specific transactions, it was “not pursuing a transaction” with the London-headquartered fintech.
Nubank said it has a “great deal of respect” for Monzo and regularly evaluates partnerships, investments and acquisitions as part of normal business.
Shares in the fintech rose six per cent in after-hours trading following the announcement, reversing some of the steep declines in its share price this week.
Nubank, which is listed on the New York Stock Exchange and commands a market cap of some $60bn, suffered a sharp eight per cent drop on Monday morning following reports over the weekend of talks between the companies.
A deal would have thrust the Brazillian challenger into a new market and teed it up to take on rival Revolut in the latter’s home continent. Nubank operates with licences across the Americas but has a limited footprint in Europe. Its main operational presence in the continent is a large tech and engineering facility in Berlin.
Monzo declined to comment.
Monzo IPO hopes reignite as Nubank doubles down on Americas
In its Wednesday statement, Nubank said it remained focused on its strategic priorities of deepening its position in Brazil, scaling across Mexico and Colombia and building its presence in the US. Both Nubank and Revolut landed conditional approval from the US watchdog this year for a banking licence.
The abandonment of a deal could reignite hopes of Monzo launching a public listing in the City. Market and government officials have courted top fintechs across the country in hopes of luring them into a float.
In May 2025, Monzo was reported to be lining up bankers for a potential £6bn IPO. But over the last year a leadership rift triggered a shake-up in the bank’s boardroom. Chair Gary Hoffman confirmed his intentions step down last month, ending his tenure over a year earlier than his nine-year term permits.
It followed the departure and subsequent return of long-standing boss TS Anil. Anil said in October 2025 he would step down to make way for former Google executive Diana Layfield to take the reins as group chief executive.
It later emerged the former fintech chief had been locked in battle with the board regarding the timing of a public listing, with the former chief keen on an earlier schedule.
London had been viewed as the likely venue by Monzo’s board and investors, but there was speculation Anil was leaning towards New York.
This week, payments firm Zilch kicked off the first formal steps on its long-awaited road to a public debut after it invited bankers to pitch for roles on a float that could be worth up to $2bn.