British neobank Monzo will immediately stop onboarding new US customers and will close all existing accounts by June, according to a statement.

The bank launched in the US in 2020, offering an app-based account and a debit card. Shortly afterwards, it sought to acquire a bank charter in the country, but withdrew its application less than a year later.

Monzo said in a statement: “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. We’re very grateful to our US colleagues and customers for their support and love for Monzo.”

The decision will also result in the redundancy of 50 staff at the bank.

Monzo’s decision to leave the US stands in contrast to its largest competitor, Revolut, which is currently in the process of applying for its own bank charter in the country.

The US has yet to produce any major domestic success stories in the neobanking market, which consultancy Simon-Kucher’s 2026 neobanking report attributes to interchange-heavy models and limited balance sheet businesses. However, there are clear opportunities for FinTechs that are able to crack the market, which is currently growing at 20 per cent a year, according to the report.
Monzo’s chief executive TS Anil stepped down in February following disagreements with the board over the timing of a potential IPO and concerns over his long-term commitment to the bank.
Anil was instrumental in leading Monzo’s attempted expansion into the US, joining from Visa in 2020 to take on this task before becoming chief executive soon afterwards.

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