The shutdown of US operations will lead to the axing of around 50 employees, multiple reports indicate. Monzo launched in the US in 2020, offering a debit card and app, and applied for a US banking licence that year but withdrew the application in 2021. This retreat from the US was first reported by Bloomberg.
Leadership changes and board conflicts have preceded this decision. Monzo's former chief executive TS Anil stepped down in October to make way for former Google executive Diana Layfield, according to multiple reports. Anil was locked in battle with the board regarding the timing of a public listing, with Anil keen on an earlier schedule, multiple reports indicate. Monzo's board and investors viewed London as the likely venue for a public listing, but there was speculation Anil was leaning more towards New York, according to multiple reports. Anil later returned to the Monzo board in a vice-chair capacity during a shake-up after loyalists to him threatened a rebellion, multiple reports indicate.
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'.
Monzo is now making a deliberate, strategic decision to focus on scaling in its home market and Europe and to step away from the US, the company said. In December 2025, Monzo received a full banking licence from the European Central Bank, bolstering its European ambitions.
The broader fintech context shows contrasting moves by competitors. 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, according to multiple reports. The backing out of the US market by Monzo comes as many fintechs look to make a splash on Wall Street to capitalise on a wave of deregulation introduced by President Donald Trump, according to multiple reports.
Specific factors that led Monzo to abandon its US expansion ambitions remain unclear, and the exact fate of the around 50 employees affected by the shutdown has not been detailed. Monzo's specific plans for scaling in Europe following the US withdrawal are also undisclosed, as is the precise date in June when accounts for existing US customers will close. How this withdrawal impacts Monzo's overall financial strategy and public listing timeline is another unknown.