Monzo said it will exit the US, describing the move as a strategic decision to focus on expanding in the UK and Europe.

“With a fast-growing customer base of 15 million in the UK and the growth opportunity our European banking license 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,”

the company said.

According to Bloomberg, Monzo will stop onboarding new customers in the US and lay off around 50 employees, citing a person familiar with the matter.

Existing customers will be able to continue using their accounts until June.

Monzo announced its entry into the US with a soft launch in June 2019, introducing its first cards to users in the country.

The company officially launched to the public in the US in February 2022.

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