Monzo has withdrawn its application for a U.S. banking license following discussions with regulators at the Office of the Comptroller of the Currency.
The London-headquartered mobile banking app said it "isn't the outcome" it initially set out to achieve.started to apply for a U.S. banking license in April
"Following recent engagement with the OCC, we've decided to withdraw our banking license application for our U.S. start-up," the Monzo spokesperson said in a statement.
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