A banner for Nubank, the Brazilian FinTech startup, hangs on the facade at the New York Stock Exchange (NYSE) to celebrate the company's IPO in New York, U.S., December 9, 2021.
Nubank stocks are plummeting on Monday following a report that it is considering acquiring a British digital bank. Reuters / BRENDAN MCDERMID

Nubank stocks are plummeting on Monday after a report detailed that the Brazilian bank is considering a move that would give it a foothold in Europe.

The bank's stock was falling more than 8.5% at 2:03 p.m. on Monday after Bloomberg detailed that it is looking to acquire British digital bank Monzo Bank.

The outlet went on to detail that the deal could value Monzo at between $10.8 billion and $13.5 billion. Should the deal move forward, it would give Nubank access to Monzo's more than 16 million customers in Europe.

However, the report noted that Monzo is also considering other alternatives, including a new funding round. It was valued at £4.5 billion through a secondary share sale in 2024.

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Should the deal take place, it would be Nubank's largest to date. It would also be a change from its plan to expand in North America. It received a banking license in Mexico in July, allowing it to offer payroll accounts, checking account and larger deposit limits, among other tools. As for the U.S., it applied for a license in 2025 and said this month it will partner with Lead Bank to begin some operations right away.

Nubank CEO and Co-Founder David Velez has said the company is "playing the long game" with its expansion plans.

The company did not comment on Bloomberg's report, saying it would communicate developments in a "transparent, clear and agile."