Brazil-based digital lender Nubank has stated that it is not pursuing a deal with Monzo, responding to media reports published in late September 2026 indicating that it was in early-stage talks to acquire the UK-based digital bank. The clarification was issued on 30 September 2026 in a securities filing, as reported by Reuters.
Filing addresses acquisition reports
The reports suggested that Nubank was exploring a purchase of Monzo. In its filing, Nubank did not rule out acquisitions as a general option. The company said it regularly evaluates opportunities that could support its growth and long-term goals, including investments and acquisitions. However, it stated that a transaction with Monzo is not among the opportunities it is pursuing.
Nubank, which is listed in New York as Nu Holdings, also said that its capital allocation framework remains unchanged. This addition is relevant because a cross-border acquisition of a digital bank would typically require a significant commitment of capital. By confirming that the framework has not changed, the company indicated that its approach to deploying capital has not shifted in connection with the reported talks.
The filing also set out the company's current strategic focus. Nubank described its priorities as deepening its position in Brazil, scaling its businesses in Mexico and Colombia, and building its presence in the US and other markets through Nu Global.
These priorities follow a clear geographic order. Brazil remains the core market. Mexico and Colombia are described as markets where the business is being scaled. The US and other international markets fall under Nu Global. The UK is not named separately among these priorities, and the filing frames expansion beyond Latin America as part of the Nu Global effort rather than through a specific acquisition.
Market reaction
Shares in Nu Holdings rose nearly 7% in New York trading after the filing, recovering after falling earlier in the week on the media reports. The fall after the reports and the rise after the clarification show that investors reacted directly to the prospect of the deal. They also suggest that the market received the statement as confirmation that the company's existing strategy remains in place.
Nubank's statement keeps its general openness to acquisitions intact, and the episode leaves its stated approach unchanged. That approach is to consolidate its position in Brazil, grow in its other Latin American markets, and pursue international expansion through Nu Global.
