Didn’t last long for them. Probably going for gold in Europe.
Strange the media articles in the not so distant past seemed to sugguest the opposite, that Monzo were still very much trying for the US market. Hopefully this is just temporary whilst they focus on the EU and then they’ll re attack the US market with a bang
How does this work for an IPO? I know previously there was talk between a UK and US listing, would they list in a country where they have no presence - does this signal a more likely UK listing?
But then again I suppose by the time they IPO in 2315 who knows!
Strange there was no announcement on here.
Pretty sure it will be UK only, certainly seems to be the boards view based on media articles surrounding the IPO
I doubt Monzo would look back. Current geopolitical weather is way too hot for Monzo to fish so far away from the current safer pond.
I also think with Revolut scaling up much faster outside the EU, Monzo has realised where it needs to focus its resources.
Hey everyone, just wanted to jump in and acknowledge the news about Monzo USA. Where we’ve made a deliberate, strategic decision to focus on growing our home market and Europe and to step away from the US.
Firstly we want to say we’re sorry and a huge thank you to those US customers who helped us learn about the market and build the beginnings of our presence there. I also want to thank the contributors here for the input and the guidance about the needs in the US, how we were meeting them and the gaps we needed to fill. 
As for Monzo, we’re in a strong position and this is about prioritisation - to double down on the UK, where we continue to grow - recently topping 15 million customers. And to grow faster in Europe, where we’re moving quickly after being granted our European banking licence at the end of 2025.
Our ambition remains global but building a generational company requires disciplined focus and thoughtful investment. While we believe this is the right move for Monzo, it’s a sad one for all of us - including for those US colleagues who’ll be leaving us as a result. We’re incredibly grateful to the whole US team for their work, dedication and care over the years.
Hopefully this answers some of the questions you might have. I’ll leave you to discuss and we’ll be here to help answer where possible. 
Right decision. Very hard to see what the USP would be in the US, was always a bit of a pipe dream without proper commitment.
I think this is the right strategic decision.
At the same time, it does make me wonder when this decision was made; I can’t imagine this was a long time coming if it was only a few months ago that all the effort was made to change partner banks and to introduce paid tiers. It wouldn’t make sense to spend all that time and money on those things if it was already known that an exit was in the cards.
Probably at the same time TS Anil was removed. He had strong banking ties to the US. From memory, Monzo tried it once in the US with a partner bank and that went nowhere until it relaunched as Monzo US under TS. Now he’s had the 
, the drive for 
US clearly isn’t there.
They still operated under a partner bank even after the rebrand, they just expanded the features offered. Which is why I’m a bit surprised all the effort was being put in to try and make it work if the drive wasn’t there anymore.
I don’t necessarily blame them under the current circumstances; with the expansion into Ireland also presumably comes an opportunity to go after the whole EU, and the US is feeling a bit less foreign-friendly right now.
Yes I thought it was linked to the change in CEO. Different focus and different strategy now.
IMHO, The US market is often assumed to be a copy of the UK market. Many big companies have tried to crack the US, but they all quickly discover it’s hugely complex, huge regional differences, very hard to crack. It would require huge investments - that may never generate a return and the risk is simply too big.
Other than Santander, I don’t think any non US bank has actually done well in the US?
This is sad news but I can totally understand. It’s such as shame that time and effort was put into some Monzo app features that were exclusive to the US but now my only question is…
Will any of those features make their way to the UK/Irish versions? Be shame for them to be totally wasted.
And Santander got into the US through an acquisition strategy rather than organic growth, something Monzo was unlikely/unwilling to replicate.
Will be interesting to see if Revolut who are also trying to enter the US will also fail they have deeper pockets but based on the way they went around their UK license I doubt they’d be able to sustain for that long again especially in a much tougher market like the US
I’m going to play devil’s advocate here and say this could be a good thing for Monzo in the medium term.
Lots of time and money has been spent trying to meaningfully break into a market without success. It’s clear that much of Revolut’s growth has come in Europe, particularly France and Spain and clearly Europe is more receptive to new entrants. Plus, the US regulatory environment will not change whilst Trump and his grifting protectionist friends are in power.
Revolut and Monzo seem to have the floor to themselves in much of Europe should they go for it.
Sensible move, always thought it was a bad fit, because the American market is utterly brutal to get in on, and what works here won’t work there. The EU is the way forward, Ireland is a good start, looks like Spain will be next, and then where next will be the big call, the US money can now be spent on say getting Germany, France or Poland right, and that will be massive for the business long term.
Agreed, even writing off the money spent on the US the team have likely learned a lot and hopefully they can use that to better their positions both here at home and in the EU