Monzo has announced the immediate cessation of new customer sign-ups in the United States, the elimination of approximately 50 US-based roles, and the closure of all existing American customer accounts by June 2026. The British neobank said it was "making a deliberate, strategic decision to focus on scaling in our home market and Europe", citing its 15 million UK customers and the growth opportunity created by its European banking licence.
The announcement, made on 31 March 2026, comes as Monzo advances preparations for a potential listing on the London Stock Exchange in 2026. The bank has appointed Morgan Stanley to advise on the initial public offering, which is targeting a valuation of between £6 billion and £7 billion.
US RETREAT AFTER YEARS OF INVESTMENT
Monzo launched in the US in June 2019, applied for a US national bank charter in April 2020 and withdrew the application in 2021; it has 15 million customers in the United Kingdom. Existing US customers can use their accounts until June 2026.
The EU banking licence, granted by the European Central Bank and the Central Bank of Ireland in December 2025, makes Ireland Monzo's European headquarters and allows it to expand across the continent.
IPO PREPARATIONS AND INVESTOR EXPECTATIONS
For the year to March 2025, Monzo reported revenue of £1.24 billion, up 48%, adjusted pre-tax profit of £113.9 million and customer deposits of £16.6 billion.
The US exit was decided under Diana Layfield, who succeeded TS Anil as chief executive earlier in 2026.
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