Monzo opens accounts to the public in Spain
Monzo has launched in Spain, opening free personal, joint, under-18, business and instant-access savings accounts to the public on 28 October, after a waitlist…
Monzo has launched in Spain, opening free personal, joint, under-18, business and instant-access savings accounts to the public on 28 October, after a waitlist that opened in May. Monzo describes the accounts as carrying Spanish IBANs and integration with Bizum, Spain's mobile payment service.
The launch follows the European banking licence Monzo secured from the Central Bank of Ireland last year, and PYMNTS reports it as Monzo's first market in continental Europe. It is led by country manager Francisco Sierra, a former Western Union and N26 executive.
A launch-day review cited by EuroWeekly News said the Spanish IBAN is still planned for this autumn and that salaries cannot yet be paid in. Monzo's own research finds 48% of Spaniards feel their banks do not have their best interests in mind.
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