Brazilian digital bank Nubank is in early-stage talks with British digital bank Monzo about a potential combination that could value Monzo at between £8 billion and £10 billion ($10.60 billion-$13.25 billion), Sky News reported on Saturday. Monzo’s board is considering the acquisition as one of two options; the alternative is a funding round expected to value the bank at more than £8 billion, with proceeds designated for mainland European expansion. Monzo declined to comment, while Nubank was not immediately reachable outside regular business hours. São Paulo-headquartered Nubank is listed on the New York Stock Exchange and has a market capitalization of about $65.5 billion. Monzo reported pretax profit of £87.3 million for the year ended March 31, up from £60.5 million, while revenue increased to £1.7 billion from £1.2 billion. The London-based bank was valued at £4.5 billion in an employee share sale last October involving GIC and StepStone Group.