Monzo, a leading UK digital bank with over 15 million customers, has decided to close its U.S. expansion efforts. The move comes as part of a broader strategy to focus on home markets, particularly the UK and continental Europe, where the bank is experiencing strong profitability.
Under new CEO Diana Layfield, Monzo will redirect resources to its UK business, which generated £1.2 billion in revenue in the fiscal year ending March 2025. Adjusted pre-tax profits rose eightfold to £113.9 million, supported by a 25% increase in customer accounts and a 48% jump in deposits.
The decision to exit the U.S. follows challenges in obtaining regulatory approval for a banking license. While Monzo explored reapplying in late 2025, it ultimately chose to withdraw from the market, resulting in approximately 50 layoffs. Existing U.S. accounts will be closed by June 2026.
Meanwhile, competitors like Wise, Revolut, and Nu Holdings are continuing their push into the U.S. market. Revolut, for instance, has applied for a U.S. national bank charter to expand its North American presence, having previously abandoned an attempt in 2023.