By Aarav Garg
Today
Cross Border Payments
Digital Banking
Digital Lending
Monzo is preparing to launch in Spain as it accelerates its European expansion, opening offices in Barcelona and Madrid and building a local team of more than 50 people.
The bank has also appointed Francisco Sierra, a former Western Union and N26 executive, as country manager for Spain. The move follows Monzo’s exit from the US market and comes after the bank secured a European banking licence from the European Central Bank and the Central Bank of Ireland last year.
Spain will be Monzo’s second EU market after Ireland, where it launched in April and has positioned Dublin as its European base. Monzo’s Irish business is now live with both personal and business banking, and the company says it has over 15 million customers in the UK.
The Spanish rollout is still at an early stage. Monzo said product plans will be shaped by customer needs, with launches subject to regulatory approval. The banking licence also gives Monzo the ability to hold deposits across the EU, opening the door to future lending and mortgage products.
In Spain, Monzo will enter a crowded digital banking market that already includes Santander-owned Openbank, Revolut and N26. The expansion suggests the bank is now focusing its international strategy on Europe after stepping back from the US.
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