News Saturday is that Nubank is in early talks to buy Monzo for £8–10 billion. That is roughly double Monzo’s last private valuation and 115x pre-tax profit. Monzo’s board is reportedly weighing the approach against a funding round, an IPO, or a secondary sale.

This is my third post on the neobank cohort in a year. I’m a skeptic on the neobank revolution, and admittedly few people share my negativity. My recent posts are The Neobank Revolution? Not how I see it… and Challenger Banks: What the Sell-Side is Telling Us. In July I conceded I had been wrong on profitability: Nubank and Revolut have crossed into something like institutional adulthood, and Monzo has three consecutive profitable years.