Monzo was forced to abandon his practice of obtaining a U.S. license after two years of lectures and management training.
In a statement, the bank said: “After consultation with the OCC (Treasurer’s Office), we have decided to revoke the banking license for our US startup if it is not the goal we wanted to achieve, which allowed us to build and develop our product from scratch through partnerships and promotions in the UK.”
News first reported by the Financial Times, that Monzo was released after it became clear that the OCC did not support the bank’s lost application.
Monzo in July issued another warning about the possibility of further concern after announcing a loss of $ 180 million in 2020/21.
Monzo says he hopes to expand the U.S. and he will do so through his partnership with Sutton Bank of Ohio, as opposed to being another provider.
“We like Monzo US,” the spokesman said. “There are several strategies that the market we are looking for has been successful in other entry markets that are already in play.”