Monzo Goes Live in Spain With Bizum Integration and Spanish IBANs #

British neobank Monzo has launched in Spain, its first market on continental Europe and the second EU country it has entered since receiving a European banking licence from the Central Bank of Ireland in December 2025.

Customers in Spain can apply for personal, joint, under-18, business and instant-access savings accounts, all free of charge through a single app. Each account comes with a Spanish IBAN and connects to Bizum, Spain’s widely used mobile payment network. Monzo said it is regulated and registered with the Banco de España.

The Spanish launch follows Monzo’s April 2026 debut in Ireland, where it based its EU operations and reported strong early demand. The bank opened a Spanish waitlist in May to gather customer feedback ahead of the full launch. Around 80 staff are now in place across offices in Barcelona and Madrid.

Francisco Sierra, a former executive at Western Union and N26, leads the Spanish operation as country manager. Sierra said in a statement that Spanish consumers and businesses are “frustrated by hidden fees and confusing terms” and are looking for a simpler alternative, pointing to Monzo’s plans to address that gap.

Monzo’s own research supports the market case. The bank found that 48% of Spaniards feel their bank does not act in their best interests, while nearly 60% said they had encountered unexpected fees. Among small and medium-sized businesses, just 26% believe their business banking provides good value for money.

Spain already has established digital challengers operating in the market, including Revolut, N26 and Santander-backed Openbank. Beyond Spain, Monzo’s European banking licence allows it to hold customer deposits across the EU, which opens up credit products such as loans and mortgages, a line of business it does not yet offer on the continent.

The European expansion follows Monzo’s withdrawal from the United States. The bank serves more than 15 million customers in the UK.

Source: PYMNTS