Brazilian digital bank Nubank has ruled out a potential tie-up with Monzo, ending speculation that it was considering a deal that could have valued the UK challenger bank at £8bn to £10bn.

Nu Holdings, Nubank’s parent company listed in New York, said in a securities filing after the London market closed Wednesday it was not pursuing a transaction with Monzo after reports suggested the two businesses had entered preliminary discussions.

“While we have a great deal of respect for Monzo, the company is not pursuing a transaction with Monzo,” it said.

Nubank said it regularly evaluates partnerships, investments and acquisitions but remained focused on expanding in Brazil, Mexico and Colombia, as well as building its presence in the US and internationally through Nu Global. It added that its capital allocation framework was unchanged.

The reports had raised questions over Monzo’s potential London listing, with a deal potentially removing the near-term IPO from consideration. Monzo was last valued at £4.5bn in 2024 and has been exploring further funding as it expands in Europe.

The British digital bank has more than 16 million customers. In the year to March 2026, revenue rose 39% to £1.7bn, while pre-tax profit reached £87.3m.

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