- Digital bank Monzo has made a "deliberate" and "strategic" decision to shut down its business operations in the United States.
- The move will result in about 50 job losses, with existing US customers able to use their accounts until June, but no new customers will be onboarded.
- Monzo struggled to gain a foothold in the US market, having previously abandoned an application for a banking licence in 2021.
- The company will now focus on scaling its business in its home market, the UK, where it has 15 million customers, and expanding into Europe, following its recent EU banking licence.
- This strategic shift comes under the leadership of new chief executive Diana Layfield, who stepped into the top role in February.
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