Fintech Insights - Monzo Withdraws Application for US Banking Licence
British challenger bank Monzo has withdrawn its application for a US banking licence after it was told that the licence was unlikely to be approved by the OCC (Office of the Comptroller of the Currency). The company began its bid for a US licence in April 2020, in an effort to expand its userbase. Monzo soft launched its card offering in the US in June 2019, through a partnership with domestic lender Sutton Bank. Since the news broke, the company has stated that it plans to continue to build and scale its product offering in the US through the continuation of these existing partnerships, as well as investing further in the UK.
Timescales: 2021
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