Finance
Monzo to Close US Business to Focus on UK and Europe
Published by Global Banking & Finance Review®
Posted on March 31, 2026
1 min readLast updated: March 31, 2026
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Company
Published by Global Banking & Finance Review®
Posted on March 31, 2026
1 min readLast updated: March 31, 2026
Add as preferred source on GoogleMonzo has announced its exit from the U.S. market, halting new customer sign‑ups, laying off about 50 staff, and allowing existing accounts to remain active until June, in order to refocus efforts on its thriving UK and European operations.
March 31 (Reuters) - British mobile bank Monzo said on Tuesday it is exiting the United States, describing the move as a strategic decision to focus on expanding in the UK and Europe.
"With a fast-growing customer base of 15 million in the UK and the growth opportunity our European banking licence creates, we're making a deliberate, strategic decision to focus on scaling in our home market and Europe and to step away from the US," the company said.
The news was first reported by Bloomberg News earlier in the day.
Monzo will stop on-boarding new customers and lay off about 50 employees, the Bloomberg report said, citing a person familiar with the matter. Existing customers can continue to use their accounts until June, the report added.
(Reporting by Ankita Bora in Bengaluru and Catarina Demony; Editing by Shailesh Kuber)
Monzo is leaving the US to concentrate on growing its business in the UK and expanding into Europe, citing strategic priorities.
Existing Monzo customers in the US can use their accounts until June, according to reports.
Monzo will lay off about 50 employees as part of its exit from the US market.
Yes, Monzo plans to focus on scaling its business in its home market of the UK and expand into Europe.
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