Monzo withdraws US banking licence application

After conversations with the Office of the Comptroller of the Currency (OCC) Monzo has made the decision to withdraw its application for its US operations.

The decision was made after regulators told the digital bank that its application was unlikely to be approved.

The news comes a year and a half after the bank first submitted its application, which can often take up to two years to approve and is very costly.

Read more: AltFi