According to a report in the Financial Times, the online bank is considering reapplying for a US banking licence, four years after it abandoned the plan.

Citing two unnamed sources, the report states that Monzo executives believe their application will be better received by the current administration.

The original application, made in 2021, was met with a standoff from regulators.

However, since then, two US regulators - the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation - have rescinded guidance that made licence applications less likely to succeed.

Monzo is not alone in reconsidering its US strategy. London-based Checkout.com has stated it will "double down" on its US growth plans.

Meanwhile, the FT has also reported that two other UK challenger banks, Revolut and Starling, were considering acquiring a US bank in order to access the US market.