A report from Sky News indicates that the owners of the UK digital bank Monzo are exploring a potential exit from the business. Brazil's Nu Holdings is in early discussions to acquire the lender at a valuation of between £8bn and £10bn, a move that would end the prospect of a near-term initial public offering for the fintech firm.

The acquisition would provide overdue liquidity for Monzo employees and early investors. Backers who joined the company's Crowdcube funding round in 2016 at a valuation of £29m could realize returns as high as 65x their original investment if the sale closes at the projected price.