UK challenger bank Monzo is shutting down its US operations to concentrate on growth in its home market and Europe. The fintech will stop onboarding new US customers and make approximately 50 employees redundant, Bloomberg first reported. Current US customers can continue using their accounts until June.

This strategic pivot comes after Monzo's US banking license application was withdrawn in 2021 when regulators indicated it was unlikely to be approved. The company initially launched in the US in 2019 with basic features like instant spending notifications and fee-free international spending. Monzo's decision follows other UK neobanks exploring transatlantic expansion, including Revolut's recent US national bank license application and Starling Bank's stated interest in entering the American market.

Monzo's move marks the first major strategic shift under new CEO Diana Layfield, who took over after founder TS Anil was reportedly asked to step down following board disagreements about the company's direction. The neobank recently secured a full European banking license from the European Central Bank in December 2025, positioning it for accelerated expansion across Europe while consolidating its 15 million-strong UK customer base.