Online bank Monzo drops plans for US banking licence

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Monzo still plans to expand its US venture, which it launched in 2019, and will invest further in Britain Digital bank has withdrawn its application for a US banking licence after it failed to reach agreement with the US regulator following two years of negotiations. "Following recent engagement with the OCC (Office of the Comptroller of the Currency), we've decided to withdraw our banking licence application for our US start-up," said in a statement. The news was first reported by the Financial Times, which said the bid was abandoned after it became clear the OCC would not support the loss-making bank’s bid. Monzo still plans to expand its US venture, which it launched in 2019, and will invest further in Britain. "There are many routes to market we’re exploring that have been successful for other market entrants who are now major players," it said. In its earnings release in July, the bank revealed losses of £130mln for the year to February 2021. It also
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