Monzo withdraws from US banking license


Sorry Mathew, yours was behind a paywall so I couldn’t read the link

1 Like

It’s not being painted as a pretty picture, didn’t they replace their CEO with someone who was supposed to push the American launch ?

Much is made of Monzo’s 5 million customers. I’d still love to know how many of those accounts are actually live properly used accounts and not just opened up and sat there doing literally nothing. I suppose the said could be said of many banks though, dormant accounts that are ‘active’ and counted as working accounts. I mean my new Chase account, which will now quite literally sit there on their books doing nothing because the account is as things stand, too basic to really do anything with.


The London-headquartered mobile banking app said it “isn’t the outcome it initially set out to achieve."

You don’t say!

Monzo said it was still committed to expanding in the US and would do so through its existing partnership with Ohio’s Sutton Bank, rather than as a standalone lender.

“withdraws” is a bit rich. The regulator told them they weren’t getting a licence!

1 Like

I wonder if will become more of a takeover target now or if any interested parties will simply wait until it approaches the BOE for support and to arrange a shotgun marriage.

I imagine most potentially interested parties in acquiring Monzo will be doing so from a liquidator in the coming years rather than buying the company now