British digital bank Monzo has withdrawn its application for a U.S. banking license after more than two years of negotiations with regulators. The bank said it was still committed to growing its U.S. venture - which it launched in 2019 - and would invest further in Britain.
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Monzo abandons U.S. banking license bid
"Following recent engagement with the OCC (Office of the Comptroller of the Currency), we've decided to withdraw our banking license application for our U.S. start-up," Monzo said in a statement.
