Digital bank Monzo ends US venture to double down on Europe
Crypto Briefing
UK digital bank Monzo is exiting the US market to focus on expanding its profitable operations in the UK and continental Europe.Summary
Monzo, the UK's largest digital bank, has announced it is closing its US operations to reallocate resources toward its core UK market and recent expansion into continental Europe. Despite entering the US in 2020, the bank struggled to gain a foothold and faced regulatory hurdles. This strategic pivot, led by CEO Diana Layfield, involves approximately 50 layoffs and the closure of all US accounts by June 2026. The decision comes as Monzo reports significant growth in the UK, where pre-tax profits rose to £113.9 million in 2025, making the continued investment in the challenging US market difficult to justify compared to its European growth potential.
(Source：Crypto Briefing)