A FAST-GROWING British digital bank is launching in Spain for the first time, setting up a fresh battle with rivals including Revolut.
Fintech Monzo, founded in 2015 by British entrepreneur Tom Blomfield, has already opened offices in Barcelona and Madrid and hired more than 50 staff as it builds its Spanish operation, the company has said.
Spain is Monzo’s latest European target after a recent launch in Ireland, where the bank reportedly attracted strong early demand. The expansion comes after the company exited the US market earlier this year.
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Monzo has appointed former Western Union and N26 executive Francisco Sierra as Spain country manager while it prepares to take on established players including Revolut, N26 and Openbank.
European boss Michael Carney said the company wants to bring its customer-focused banking model to Spain following what it described as a successful launch in Ireland.
Monzo is one of Britain’s biggest digital banks, having grown from a prepaid card startup into a full-service banking business serving more than 13 million customers.
The bank is best known for its app-based accounts, allowing customers to manage their finances entirely from their smartphones.
It offers current and savings accounts, loans, overdrafts and credit cards, alongside budgeting tools, spending trackers and savings features.
Customers also benefit from instant spending notifications, fee-free card payments abroad and tools that make it easy to split bills with friends and family.
The company has proved particularly popular with younger customers thanks to its simple app, distinctive coral debit cards and focus on making banking easier to understand.
The Spanish launch forms part of a wider European expansion strategy as Monzo looks beyond its home market and targets new customers across the continent.
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Welcome to Spain Monzo