Monzo is shutting down its business in the US after struggling to push into the market, and says it will be doubling down on its growth in Europe. The digital bank said it was making a “deliberate” and “strategic” decision to leave the US, which will result in about 50 job losses. Its customer base recently topped 15 million, making it the UK’s largest digital bank and the seventh-largest in the country by customer numbers. But it has struggled to get a foothold in the US and abandoned an application for a banking licence in 2021 when it was told it was unlikely to be approved. The digital bank hired a new leadership team in 2023 in the hope of getting another shot of expansion in the market.

Source: The Irish Times April 01, 2026 22:18 UTC