Monzo is reportedly in talks to merge with Nordic rival Lunar. 

The flagship UK digital bank, which has more than seven million customers in the UK, is looking to expand in Europe.

Those plans could involve a deal with Denmark-based Lunar, which has more than 650,000 users across Denmark, Sweden and Norway, according to the report in Bloomberg.

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Lunar was valued at $2.2 billion by a funding round last year while Monzo’s valuation reached $4.5bn in 2021.

Monzo, led by CEO TS Anil, is targeting profitability by the end of 2024. It reported an almost doubling of revenue over the 12 months to 28th February 2023, reaching £214.5m.

In the same period it made losses of £116.3m, down from £119m in 2022.

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