Brazilian banking giant Nubank has reportedly abandoned acquisition talks with Monzo, according to Sifted. The decision comes less than a week after reports of the potential deal first surfaced.
Sifted attributes the collapse to a sharp decline in Nubank’s share price. The share slump appears to have ended months of speculation that Monzo might be acquired by the Brazilian lender.
The scrapped talks leave Monzo without a confirmed buyer for now. Neither company has been quoted confirming the outcome, and the report treats the halt as reported rather than officially announced.