US asset manager DE Shaw is in talks to lead a capital raising of between 300 and 500 million pounds in British digital bank Monzo. Sky News reports this, citing sources.
The deal is expected to value Monzo at around 7 billion pounds before the capital injection.
The talks follow the termination of acquisition discussions with Nu Holdings, which valued the bank at between 8 and 10 billion pounds.
Monzo has 16 million customers and increased revenue by 39 percent to 1.7 billion pounds during the latest financial year. Adjusted profit before tax rose by 20 percent to 173 million pounds. A stock market listing could take place within two years.
