TPG Enters Bidding War for Monzo Stake After Nubank Talks Collapse

TPG joins the race to acquire a stake in Monzo after £10bn bid talks with Nubank end. UK digital bank explores minority equity deals with private equity firms.

Editorial Desk

October 2, 2026 One Min Read

POLICY WIRE — London, United Kingdom — The U.S.-based private equity firm TPG has entered the competition to acquire a stake in Monzo, a prominent UK-based digital bank, following the collapse of a £10 billion acquisition bid by Brazil’s Nubank.

The Financial Times reported that Monzo is currently in early-stage discussions with private equity companies CVC and Advent International about selling a minority share. This follows failed negotiations with Nubank over valuation differences, which had raised hopes for a major deal in the fintech sector.

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The potential sale comes as a setback for London’s financial markets, which had positioned Monzo as a leading candidate for an initial public offering. While the Nubank talks ended, Monzo is also exploring options with private equity firms for a smaller-scale equity transaction. An £8 billion valuation would imply a similar multiple with a 30% premium, though the bank may push for a higher figure due to its EU banking license.

Reporting by Policy-Wire (PW)

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