UK challenger bank Monzo is leaving the US in 2026 to focus on Europe ahead of a London IPO. The decision comes three months after Monzo received a full banking licence from the European Central Bank and the Central Bank of Ireland, opening up expansion across the EU. The company will stop new American sign-ups immediately and close all existing accounts by June. It will cut approximately 50 US-based roles and cut all existing American accounts. The move is seen as a deliberate reorientation rather than a retreat due to Monzo's growing customer base in the UK and the growth opportunity its European banking licence creates. The announcement ends a seven-year experiment that never resolved its central structural problem, Monzo could not obtain a banking licence in the US. The European licence allows Monzo to hold customer deposits directly, originate loans, and operate as a full bank across the 27-member EU single market under the EU's passporting regime.