A prominent British digital banking firm announced Tuesday it will withdraw from the American market as part of a strategic realignment toward its home country and European operations.
Monzo, the UK-based mobile banking company, revealed its decision to shut down U.S. services in order to concentrate resources on markets where it sees greater growth potential.
“With a fast-growing customer base of 15 million in the UK and the growth opportunity our European banking licence creates, we’re making a deliberate, strategic decision to focus on scaling in our home market and Europe and to step away from the US,” the company stated.
According to Bloomberg News, which initially broke the story, the banking firm will halt new customer registrations and eliminate roughly 50 jobs as part of the closure process.
Current American account holders will be able to maintain access to their banking services until June, Bloomberg reported, citing an unnamed source with knowledge of the situation.
The withdrawal represents a significant shift for the digital bank, which had been attempting to establish a foothold in the competitive U.S. financial services market.
