Monzo has cancelled its application for a banking licence in the US

British Bank Monzo has cancelled its application for a US banking licence.
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1 min read
Monzo Debit Card

Monzo, the popular British Bank with over 5.5 million customers in the UK, has cancelled its application for a banking licence in the United States.

Monzo said in a statement:

“Following recent engagement with the OCC (Office of the Comptroller of the Currency), we’ve decided to withdraw our banking license application for our U.S. start-up”

It appears Monzo still intends to expand in the US, but just not via the route of gaining their own banking licence.

The bank first began its application for a US banking licence around April 2021.

Monzo is still unprofitable and reporting losses which as of recent reports have only been increasing. However they recently launched a new Buy Now Pay Later product, called Monzo Flex. It is possible that this product may assist the bank in its push towards profitability.

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