UK fintech Monzo considers US banking licence reapplication-report

Core Viewpoint - Monzo is planning to reapply for a US banking license after a previous attempt was halted due to regulatory challenges, aiming to revive its expansion plans in the US market [1][2]. Group 1: Regulatory Context - Monzo withdrew its initial application for a US banking license in 2021 after the Office of the Comptroller of the Currency (OCC) indicated that approval was unlikely [2]. - The OCC and the Federal Deposit Insurance Corporation have recently removed certain guidelines that complicated banking deals, potentially facilitating Monzo's renewed application [2]. Group 2: Financial Performance - For the year ending March 2025, Monzo reported a 48% increase in revenue to £1.2 billion and pre-tax profits of £60.5 million [3]. - In July 2023, Monzo was fined £21 million ($28.5 million) by the UK's Financial Conduct Authority (FCA) for failing to maintain adequate anti-financial crime controls [3][4]. Group 3: Competitive Landscape - If successful, Monzo would join other fintech companies expanding in the US market, such as Checkout.com and Nubank, which are also enhancing their US presence [3].