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Monzo is shutting its US operations after failing to gain traction, cutting staff and halting onboarding, as it pivots to focus growth on its core UK market and European expansion.
Monzo first launched in the US in 2020, offering a debit card and an app. It then sought regulatory approval to hold a bank charter, which would have allowed the firm to lend and take in federally insured deposits. However, the bank withdrew its application less than a year later. At the time, the company said it still had “big ambitions” for its US operations. The move runs counter to the efforts of many other European financial technology firms, which have been pushing for licenses in the US, seeking to capitalize on what many see as a looser regulatory climate under the Trump administration.
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