Nubank says it is not pursuing a deal with Monzo after reports of £8–10bn takeover talks

Nubank has said it is not pursuing a transaction with Monzo. The statement came days after weekend reports that it was in early-stage talks to buy the UK digital bank at a valuation of £8 billion to £10 billion.

In a securities filing on 30 September, Nu Holdings said it does not usually comment on specific opportunities. Given the extent of media speculation, it clarified that while it has great respect for Monzo, it is not pursuing a deal, and that its capital allocation framework is unchanged.

Nubank said its priorities remain deepening its position in Brazil, scaling in Mexico and Colombia, and building its presence in the US and globally through Nu Global.

Nu shares fell about 10% on Monday after the reports and rose nearly 7% in New York after the statement. Monzo declined to comment.