Monzo to Lay Off About 50 Employees as It Shuts Down U.S. Operations

Monzo is shutting down its U.S. operations and laying off about 50 employees as the U.K.-based digital bank refocuses on its home market and Europe. The company will stop onboarding new U.S. customers, while existing customers will be able to continue using their accounts until June 2026.

The move marks a strategic retreat from the U.S. after years of limited traction in the market. Monzo said its fast-growing U.K. customer base and the opportunity created by its European banking licence are now its main priorities. The company has around 15 million customers in the U.K. and is preparing to scale further across Europe.