The Next Web, April 5, 2026, Monzo is shutting down its US operation, and its European banking licence explains why
The company faced opposition from the National Community Reinvestment Coalition, among others, which argued that Monzo had not demonstrated sufficient commitment to serving local community needs. After withdrawing the OCC application, Monzo continued operating in the US through partner institutions, but it never secured the infrastructure that would have made its American business structurally viable.
