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Monzo quits the US to focus on Europe ahead of a London IPO

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In short: Monzo announced on 1 April 2026 that it is closing its US operations, stopping new American sign-ups immediately and shutting existing accounts by June, and cutting approximately 50 roles. The decision comes three months after the UK challenger bank received a full banking licence from the European Central Bank and the Central Bank of Ireland, opening up expansion across the EU. It also arrives as Monzo prepares for a London IPO that Morgan Stanley is advising on, with a target valuation of between £6 billion and £7 billion.

Monzo is leaving the United States. The UK challenger bank announced on 1 April 2026 that it would cease accepting new American customers immediately, cut approximately 50 US-based roles, and close all existing American accounts by June. In a statement, the company framed the decision as a deliberate reorientation rather than a retreat: “With a fast-growing customer base of 15 million in the UK and the growth opportunity our European banking licence creates, we’re making a deliberate, strategic decision to focus on scaling in our home market and Europe and to step away from the US.” The announcement ends a seven-year experiment that never fully resolved its central structural problem, Monzo could not get a banking licence in the US, and without one, it could not compete.

Seven years, no charter

Monzo announced its American expansion in June 2019, rolling out a simplified version of its app to US customers and partnering with Sutton Bank, an Ohio-based FDIC-insured institution, to hold customer deposits and issue debit cards. The arrangement was always a workaround: without its own banking charter, Monzo could not originate loans, access core payment infrastructure directly, or compete in the lending and interchange revenue streams that define US retail banking profitability. It filed an application with the Office of the Comptroller of the Currency for a national bank charter in April 2020, but withdrew the application in late 2021 after regulators signalled it would not be approved. The company faced opposition from the National Community Reinvestment Coalition, among others, which argued that Monzo had not demonstrated sufficient commitment to serving local community needs. After withdrawing the OCC application, Monzo continued operating in the US through partner institutions, but it never secured the infrastructure that would have made its American business structurally viable.

The result, after seven years, was a product that offered a digital current account but not the full-service banking relationship that Monzo had built in the UK. US customers could not access mortgages, personal loans, or the premium credit products that generate meaningful revenue. They had a sophisticated spending tracker and a card linked to a partner bank’s balance sheet. That is a reasonable travel companion. It is not a challenger bank.

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The European licence that changed the calculation

On 17 December 2025, the European Central Bank and the Central Bank of Ireland granted Monzo a full banking licence, making it the first digital bank to be fully regulated by the Central Bank of Ireland and establishing Dublin as its European headquarters. The licence unlocks what the OCC application never delivered: the right to hold customer deposits directly, originate loans, and operate as a full bank across the 27-member EU single market under the EU’s passporting regime. Europe’s appetite for homegrown technology champions in financial services has grown considerably in recent years, and Monzo’s Irish licence positions it to compete for that opportunity on equal terms with incumbent banks for the first time. The three months between the Dublin licence and the US exit announcement are not coincidental. The company now has a credible path to scaled profitability in a market where it is already the dominant challenger; the US, by contrast, remained a market where it was permanently constrained.

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An IPO in the background

The withdrawal also has a more immediate audience: the investors Monzo is courting ahead of a public listing. The company has appointed Morgan Stanley to advise on a London Stock Exchange IPO that is expected in 2026, with a target valuation of between £6 billion and £7 billion — compared with the $5.9 billion implied by a secondary share sale in October 2024. Companies preparing for public listings in 2026 have generally found that a clean, focused growth story commands a higher multiple than a sprawling international footprint with mixed results, and a US operation that could not clear its structural barriers was a complication the IPO story did not need.

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The listing has already generated internal turbulence. TS Anil, who served as Monzo’s CEO for five years, stepped down in February 2026 following a reported dispute with the board over the timing and location of the IPO. Anil is understood to have favoured an earlier listing and had expressed interest in a New York venue; the board opted for London and more time. Diana Layfield, who spent nearly a decade at Google and more than a decade at Standard Chartered, was named his successor in October 2025 and took the role subject to regulatory approvals. Her mandate is the European expansion and the public listing. The US exit is the first visible act of that mandate.

The numbers behind the decision

Monzo’s financial trajectory gives the pivot a logic that is easier to explain to prospective public market investors than to American customers receiving account-closure notices. For the financial year ending March 2025, the bank reported revenue of £1.24 billion, up 48% year on year. Adjusted pre-tax profit reached £113.9 million, an eightfold increase on the prior year. Customer deposits grew 48% to £16.6 billion. A year that saw digital banking’s growth trajectory sharpen considerably across European markets validated the core bet: that a mobile-first bank with no branch network could generate the kind of revenue and profit that commands a credible IPO valuation. The US, in that context, was consuming resources that could instead be deployed against a market where the regulatory framework and customer base are already in place.

The subscription and premium-tier model that has driven platform revenue growth across technology is central to how Monzo has reached profitability in the UK: Monzo Plus and Monzo Premium accounts charge monthly fees and bundle benefits including travel insurance, higher interest rates on savings, and cashback. Replicating that model in the US required a depth of product, overdrafts, credit, savings, that a partner-bank structure made impossible. In the UK and, increasingly, in Europe, Monzo can offer all of it.

The broader picture

The move leaves the US challenger banking market increasingly to domestic incumbents and to a handful of well-capitalised European fintechs that have managed to secure their own charters. Revolut, Monzo’s nearest European rival, has been pursuing a US banking licence since 2021 and has yet to obtain one. The structural barriers that defeated Monzo’s OCC application remain in place. The lesson emerging from several high-profile European technology companies is that the conviction to double down on home-market strength, rather than spreading capital across geographies where the terms are unfavourable, is increasingly what investors reward. Monzo’s board, in pushing for a London listing and a European expansion over an American one, appears to have reached the same conclusion.

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For American customers, the practical consequence is a June 2026 account closure. Monzo said it would provide guidance in the coming days on how to transfer funds, redirect direct deposits, and access statements after the accounts are closed. For Monzo itself, the US chapter closes with a banking licence in Dublin, a public listing in preparation, and 15 million customers in the UK who collectively generated more than a billion pounds in revenue in a single year. The experiment in America is over. The business case for ending it is not difficult to read.

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New leash on life: Why this Tableau vet walked away from tech to roll with the dogs

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Eric Howard, founder of Dog Tired, rides his One Wheel while running Boone, a golden retriever, near Lake Tapps, Wash. (Photo courtesy of DogTired)

It’s tough to tell who has the bigger smile: the guy zipping by on the Onewheel, the dog running alongside him at full sprint, or the passersby lucky enough to witness it.

This is Eric Howard‘s dream job.

Howard is the founder and chief dog runner at Dog Tired, a dog-exercising service outside of Seattle that operates at a different speed. After stints in tech, including at data visualization company Tableau, Howard ditched the corporate leash for one he actually wanted to hold.

“I show up and I’m like the Beatles, and they’re like a teenage girl. They’re just excited to see me,” Howard said of his four-legged clients. “It’s hard to have a bad day when you go see eight dogs and they’re all just losing their mind, happy to see you.”

A longtime adventure seeker, Howard is a snowboarder and kiteboarder who fell in love the first time he stepped on a Onewheel — the self-balancing, single-wheeled electric board that riders control by shifting their weight.

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He’s also a dog lover. When a relationship in Portland ended and the dog he’d shared with his girlfriend stayed behind, he got another one — a 15-pound poodle mix named Riley — and soon realized he was cut out for some sort of job in the pet industry.

The concept for Dog Tired came together when a friend had a high-energy rat terrier that was, in Howard’s words, bouncing off the walls. Howard tried running the dog alongside his Onewheel and it quickly became a daily — sometimes twice daily — ritual.

His friend noticed the difference immediately. The dog was more manageable and happy. And Howard saw an opportunity.

A nudge from dad

Howard graduated from the University of Washington with a degree in informatics at age 31 — a non-traditional path that he describes as a theme in his life. He joined Tableau as a senior tech support engineer when the company was still in what he considered a startup phase — long before it was acquired for $15.7 billion by San Francisco-based Salesforce in 2019.

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He spent nearly five years across two separate stretches at Tableau, which he called the best employer he’s ever had. But as the startup atmosphere began to fade he lost his passion for data analysis, server engineering and managing a team. He needed a change.

“My dad really wanted me to do the Onewheel business. I really credit my dad with giving me that final nudge,” Howard said. “He was like, ‘You’ve got some money in your retirement and some money in savings. How long could you survive without making any money?’”

Howard figured he could make it six months or so.

“As soon as I started reaching out, spreading the word, it just caught fire,” he said. “People were just like, ‘This is a genius idea.’”

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‘Bottomless demand’

Howard soon had 15 clients and a regular weekly routine. Within six months he was covering his bills. And five years later, Dog Tired has grown into a full-fledged operation. Howard does 50 runs a week and a part-time employee handles another dozen or more.

“I’ve got about 5,000 dog runs under my belt, about 17,000 miles total,” he said, adding that the business largely sells itself, with little turnover. “There’s a bottomless demand out there of dogs that are just waiting to get the exercise they need.”

Howard has a 100-pound-dog limit and he sticks to low-traffic areas. It helps him stay in control on the Onewheel when his clients want to chase squirrels or rabbits.

He said the work is really about relationship management, which is a lot of what he learned at Tableau. There’s plenty of troubleshooting, but in this case it’s dogs rather than computers.

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“I’m not rich. I don’t make a fortune, but I feel very rich,” Howard said. “I look forward to every day. I get up early in the morning and the day can’t get started fast enough for me.”

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Save $150 on Apple's new M5 MacBook Air during Amazon's April sale

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The lowest price ever is in effect now on Apple’s M5 MacBook Air, with a weekend deal at Amazon slashing prices by $150 (and there are numerous 13-inch and 15-inch configurations to choose from).

Close-up of a MacBook Air keyboard and screen dock, with a bold banner reading Grab the lowest price ever on M5 models and a red corner label saying NEW
Grab the lowest price ever on Apple’s new M5 MacBook Air.

Apple’s brand-new M5 MacBook Air, which was released in March 2026, is on sale at Amazon today, with multiple 13-inch and 15-inch configurations to choose from.
Kicking off the sale is a $150 discount on the standard 13-inch MacBook Air with Apple’s M5 chip. Pick up the M5/16GB/512GB configuration for $949.99, the lowest price to date on the Sky Blue and Starlight models.
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Quordle hints and answers for Monday, April 6 (game #1533)

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Looking for a different day?

A new Quordle puzzle appears at midnight each day for your time zone – which means that some people are always playing ‘today’s game’ while others are playing ‘yesterday’s’. If you’re looking for Sunday’s puzzle instead then click here: Quordle hints and answers for Sunday, April 5 (game #1532).

Quordle was one of the original Wordle alternatives and is still going strong now more than 1,400 games later. It offers a genuine challenge, though, so read on if you need some Quordle hints today – or scroll down further for the answers.

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Hackers Are Posting the Claude Code Leak With Bonus Malware

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A WIRED investigation based on Department of Homeland Security records this week revealed the identities of paramilitary Border Patrol agents who frequently used force against civilians during Operation Midway Blitz in Chicago last fall. Several of the agents, WIRED found, appeared in similar operations in other states around the US.

Customs and Border Protection may want to remember to protect its sensitive facility information. Using basic Google searches, WIRED discovered flashcards made by users of the online learning platform Quizlet that contained gate codes to CBP facilities and more.

In a rare move, Apple this week released “backported” patches for iOS 18 to protect millions of people still using the older operating system from the DarkSword hacking technique that was found in use in the wild. Discovered in March, DarkSword allows attackers to infect iPhones that simply visit a website loaded with the takeover tools embedded in it. Apple initially pushed users to update to the current version of its operating system, iOS 26, but ultimately issued the iOS 18 patches after DarkSword continued to spread.

The US-Israel war with Iran careened into its second month this week, with Iran threatening to launch attacks against more than a dozen US companies, including tech giants like Apple, Google, and Microsoft, which have offices and data centers in the Gulf region. The deadly conflict, which has no clear end in sight, continues to wreak havoc on the global economy as shipping crews remain stranded in the Strait of Hormuz, a key trade route. Meanwhile, some are beginning to wonder what could happen if US strikes cause real damage to Iran’s nuclear facilities.

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And that’s not all! Each week, we round up the security and privacy news we didn’t cover in depth ourselves. Click the headlines to read the full stories. And stay safe out there.

Earlier this week, a security researcher flagged that Anthropic accidentally made the source code for its popular vibe-coding tool, Claude Code, public. Immediately, people began reposting the code on the developer platform GitHub. But beware if you want to try to download some of those repos yourself: BleepingComputer reports that some of the posters are actually hackers who have tucked a piece of infostealer malware into the lines of code.

Anthropic, for its part, has been trying to remove copies of the leak (malware-ridden or not) by issuing copyright takedown notices. The Wall Street Journal reported that the company initially tried to remove more than 8,000 repositories on GitHub but later narrowed that down to 96 copies and adaptations.

This isn’t the first time that hackers have capitalized on interest in Claude Code, which requires users who might not be as familiar with their computer’s terminal to copy and paste install commands from a website. In March, 404 Media reported that sponsored ads on Google led to sites that were masquerading as official Claude Code installation guides, which directed users to run a command that would actually download malware.

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The FBI formally classified a recent cyber intrusion into one of its surveillance collection systems as a “major incident” under FISMA—a legal designation reserved for breaches believed to pose serious risks to national security. The determination, reported to Congress earlier this week, is understood to be the first time since at least 2020 that the bureau has declared a major incident on its own systems. Politico, citing two unnamed senior Trump administration officials, reported that China is believed to be behind the intrusion. If confirmed, the breach could mark a significant counterintelligence failure for the FBI.

The FBI said it detected “suspicious activities” on its networks in February. In a notice to Congress on March 4, reviewed by Politico, the bureau said the compromised systems were unclassified and held “returns from legal process,” citing, as examples, phone and internet metadata collected under court orders and personal information “pertaining to subjects of FBI investigations.” The intruders reportedly gained access through a commercial internet service provider, an approach the FBI characterized as reflecting “sophisticated tactics.” In its only public statement, the bureau said it had deployed “all technical capabilities to respond.”

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NYT Connections hints and answers for Monday, April 6 (game #1030)

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Looking for a different day?

A new NYT Connections puzzle appears at midnight each day for your time zone – which means that some people are always playing ‘today’s game’ while others are playing ‘yesterday’s’. If you’re looking for Sunday’s puzzle instead then click here: NYT Connections hints and answers for Sunday, April 5 (game #1029).

Good morning! Let’s play Connections, the NYT’s clever word game that challenges you to group answers in various categories. It can be tough, so read on if you need Connections hints.

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NYT Strands hints and answers for Monday, April 6 (game #764)

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Looking for a different day?

A new NYT Strands puzzle appears at midnight each day for your time zone – which means that some people are always playing ‘today’s game’ while others are playing ‘yesterday’s’. If you’re looking for Sunday’s puzzle instead then click here: NYT Strands hints and answers for Sunday, April 5 (game #763).

Strands is the NYT’s latest word game after the likes of Wordle, Spelling Bee and Connections – and it’s great fun. It can be difficult, though, so read on for my Strands hints.

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Sony quietly removes PC mentions from PlayStation Studios pages

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On PlayStation Studios’ official site, Sony has updated the main banner to prominently feature Ghost of Yotei and Intergalactic: The Heretic Prophet, while Demon’s Souls Remake no longer appears in the lineup.
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The Hack That Exposed Syria’s Sweeping Security Failures

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When a wave of unusual activity swept through Syrian government accounts on X in March, it first looked like pure chaos—trolling, parody names, and even explicit content. But beneath the noise lay something far more telling: a state still struggling with the most basic layer of its cybersecurity.

In early March, several official Syrian government accounts on X—including those linked to the presidency’s General Secretariat, the Central Bank, and multiple ministries—were hacked. The compromised profiles posted “Glory to Israel,” retweeted explicit material, and briefly renamed themselves after Israeli leaders.

Authorities moved to restore control within days, with the Ministry of Communications and Information Technology announcing “urgent steps” to recover the accounts and prevent further breaches. Yet what remained unsettled was the deeper question: How secure is the state’s digital front door?

In a government now dependent on commercial platforms for communication, losing a verified account doesn’t just disrupt messaging—it silences the state’s voice.

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When the State Stops Speaking for Itself

At first glance, the breach appeared politically charged. Pro‑Israel messages circulating on verified government accounts during a tense regional moment fueled speculation over motive and attribution. No group claimed responsibility, and officials did not clarify whether internal systems were compromised.

To analysts, the episode pointed less to a geopolitically driven hack and more to a familiar, systemic weakness.

“We still do not know exactly what happened. Whether the accounts were directly hacked or accessed through weak or reused credentials, the conclusion is much the same: very poor digital security practices,” says Noura Aljizawi, a senior researcher at the Citizen Lab, a research organization that monitors threats to civil society in the digital age.

The ministry said it had coordinated with account administrators and X to “restore control and strengthen security,” promising new regulatory measures soon. The perpetrators have not been publicly identified.

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One Weak Link, Multiple Accounts

Before the accounts were recovered, several displayed identical pro‑Israel messaging—a detail that suggested shared credentials or centralized access, according to platform monitoring data.

That assessment was echoed across the cybersecurity community.

“The fact that several official X accounts seemed to fall in quick succession suggested some form of centralized control, possibly with the same credentials used across multiple accounts,” says Muhannad Abo Hajia, cybersecurity expert at Damascus-based group Sanad. “That kind of setup is not inherently wrong, but only if proper safeguards are in place.”

Experts say this pattern is consistent with common failures: password reuse, phishing attempts, compromised recovery channels, or the absence of multifactor authentication (MFA). In practice, one careless password or a single compromised recovery email could give outsiders control of multiple institutions.

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“Account takeovers of this kind are common enough globally and usually result from familiar vulnerabilities: phishing, password reuse, compromised recovery emails, weak credentials, or the absence of MFA,” says Rinad Bouhadir, a cybersecurity engineer tracking the region.

A System Built on Fragile Foundations

The breach, specialists say, reflects not a targeted cyber‑offensive but deeper structural flaws.

“The current authorities inherited a near-nonexistent cybersecurity system and have yet to treat repairing it as a real priority,” says Dlshad Othman, a Syrian cybersecurity specialist.

He believes the incident likely stemmed from either a centralized unit managing several official accounts or a shared third‑party tool used across ministries—both of which create a single point of failure.

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That design makes multiple agencies vulnerable at once. In moments of heightened tension, even one falsified post from a verified government account could stoke panic, misreporting, or escalation before correction.

A verified government account can be weaponized to spread false information in real time, particularly during periods of regional escalation, when confusion carries immediate real-world risk.

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NASA shares breathtaking images of Artemis II astronauts taking in the view from Orion’s windows

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The Artemis II crew is almost at the moon, and the astronauts spent this weekend carrying out preparations for their lunar flyby on Monday. That included manual piloting demonstrations, reviewing their science objectives for the six-hour observation period and evaluating their space suits, which are there for life support in the event of an emergency and for their return home. But, they’ve had plenty of time to take in the views, too — and those views sure are spectacular. In the latest series of images shared by the space agency, the astronauts are seen gazing at Earth through the windows of the Orion spacecraft.

Orion will reach the moon’s vicinity shortly after midnight on Monday, April 6. Later that day, the crew is expected to reach a point farther than any humans have traveled from Earth, surpassing the record of 248,655 miles from Earth set by the Apollo 13 astronauts in 1970.

NASA astronaut and Artemis II mission specialist Christina Koch peers out of one of the Orion spacecraft's main cabin windows, looking back at Earth, as the crew travels towards the Moon.

Mission specialist Christina Koch takes in the view. (NASA)

The lunar observation period will start at 2:45PM ET, and a few hours later, they’ll be behind the moon and briefly drop out of communication. The spacecraft’s closest approach to the moon is expected to occur at 7:02PM, when it will be 4,066 miles from the surface. “From that distance, the crew will see the entire disk of the Moon at once, including regions near the north and south poles,” according to NASA. The crew will later get a chance to see a solar eclipse “as Orion, the Moon, and the Sun align in such a way that the astronauts will see our star disappear behind the Moon for about an hour.” NASA will have coverage of the flyby starting at 1PM ET.

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Tiny Moves, Big Depth: An Open-Source Macro Focus Slider

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When taking macro photographs, you often need just a tiny bit of controlled motion — so little that it’s tough to pull off by hand. To address this, [Salveo] designed a small open-source macro photography slider featuring an anti-backlash handle.

Macro photography gives you an extremely shallow field of view, sometimes under 1 mm of depth, in which subjects stay in focus. To combat this, it’s common to capture multiple images while sliding the camera forward or backward, then combine them for a much larger depth of field than a single shot provides. [Salveo]’s slider gives fine control over this focus-stacking process, with the knob even marked to show every 1 mm of linear travel.

The slider is built around a 150 mm linear rail, though it could easily be lengthened or shortened to suit your needs. A T8 leadscrew, paired with anti-backlash nuts, translates the knob’s rotation into smooth linear motion. The knob itself uses a custom-designed anti-backlash mechanism to ensure the slider works cleanly in either direction.

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You can grab all the 3D-printable files as well as the full bill of materials from the project page. Be sure to check out [Salveo]’s build video below. Thanks [Tim L.] for sending in this awesome open-source slider. Be sure to check out some of the other macro photography projects we’ve covered, too.

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