Monzo ditches US operations after boardroom reshuffle
UK fintech Monzo has abandoned its ambitions to expand into the US after ailing efforts to crack the market.
The digital bank is set to close its accounts for existing customers by June, whilst new customers will stop being on-boarded. The move to shutter US operations will lead to the axing of around 50 employees.
The firm launched in the US in 2020, offering a debit card and app. Though it did launch a bid for a banking licence the same year, the neobank would later withdraw the application in 2021, but added it still had “big ambitions” for the region.
The backing out of the market comes as many fintechs look to make a splash on Wall Street to capitalise on a wave of deregulation introduced by President Donald Trump.
Europe’s most valuable fintech firm Revolut lined up its second bid for a permit in the US last month, after its 2021 effort for a state-level pursuit in California was derailed in late 2023.
Monzo boss departs to make way for Google executive
Monzo’s retreat from the US, which was first reported by Bloomberg, comes after a boat-load of controversy at the neobank, with the ousting of former chief executive TS Anil.
Anil said in October he would step down to make way for former Google executive Diana Layfield.
It later emerged the former fintech chief had been locked in battle with the board regarding the timing of a public listing with the former chief keen on an earlier schedule.
Whilst London has been viewed as the likely venue by Monzo’s board and investors, there was speculation Anil was leaning more towards New York.
Anil later returned to the Monzo board in vice-chair capacity during a shake-up after a collection of loyalists to the former boss threatened a rebellion.
The withdrawal from the US comes as the firm doubles down on European plans. Monzo said it was “making a deliberate, strategic decision to focus on scaling in our home market and Europe and to step away from the US”.
In December 2025, Monzo received a full banking licence from the European Central Bank.
Read more: Monzo and Revolut take banking battle to the playground