Digital bank Monzo is closing down its operations in the U.S. in order to focus on growing its business in the U.K. and across Europe. For the London-based company, stepping away from the U.S.—a market it entered in 2020—is a “deliberate, strategic decision” to scale closer to its U.K. home, where it has 15 million customers, it said in an emailed statement. The retreat will result in the layoff of some 50 U.S.-based employees. Monzo has stopped onboarding new U.S. customers and will keep existing accounts active until June. The decision comes as rivals in the fintech sector are looking…

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