Fintech Monzo Shutting Down US Operations to Focus on UK, Europe

Monzo Bank Ltd. is shuttering its US operations after years of failing to gain a foothold on the world’s largest market, and will instead focus on the UK and Europe, according to a statement.

The London-based digital bank will stop on-boarding new customers and lay off about 50 employees, a representative of the company said. Existing customers can continue to use their accounts until June, they said.