Overview
- Monzo, which disclosed the pullback Wednesday, stopped taking new U.S. customers, will keep existing accounts active until June, and plans to cut about 50 U.S. roles.
- The company said it is making a deliberate choice to concentrate resources on its home market and Europe.
- The move is an early shift under new chief executive Diana Layfield after TS Anil left and later returned to the board as vice-chair.
- Monzo says its full European Central Bank licence from December 2025 and a UK base of more than 15 million customers, plus a £60.4m pretax profit last year, set it up to scale across Europe.
- The retreat follows a 2020 U.S. launch and a withdrawn banking charter bid in 2021, and it contrasts with rivals like Revolut, Wise and Nubank that are pushing deeper into the U.S.