Key facts
- Monzo is reportedly in talks for a sale to Nubank.
- The potential sale could be valued at approximately £10 billion.
- Monzo had been preparing for a potential IPO.
- Diana Layfield was appointed as Monzo's new CEO.
Monzo, the UK digital bank with over 11 million retail and 600,000 business customers, is reportedly in discussions for a sale to Brazilian fintech giant Nubank. The potential deal could be valued at approximately £10 billion, potentially thwarting the bank's earlier plans for an initial public offering (IPO).
Last year, Monzo's valuation rose to £4.5 billion following primary and secondary share sales. The bank had also been exploring a private share sale with Morgan Stanley and acquisition opportunities in the US and Europe as part of its international expansion strategy. In preparation for a potential IPO, Monzo appointed Diana Layfield, a former executive at Google and Standard Chartered, as its new CEO.