Monzo is shutting down its US operation, and its European banking licence explains why

In short: Monzo announced on 1 April 2026 that it is closing its US operations, stopping new American sign-ups immediately and shutting existing accounts by June, and cutting approximately 50 roles. The decision comes three months after the UK challenger bank received a full banking licence from the European Central Bank and the Central Bank of Ireland, opening up expansion across the EU. It also arrives as Monzo prepares for a London IPO that Morgan Stanley is advising on, with a target valuation of between £6 billion and £7 billion.

Monzo is leaving the United States. The UK challenger bank announced on 1 April 2026 that it would cease accepting new American customers immediately, cut approximately 50 US-based roles, and close all existing American accounts by June. In a statement, the company framed the decision as a deliberate reorientation rather than a retreat: “With a fast-growing customer base of 15 ...