Monzo to Launch in Spain
Hey Digital Banking Fanatic!
Monzo is officially entering Spain. The UK neobank is to launch in both Barcelona and Madrid, with more than 50 employees, and plans to grow the team over the coming year.
The expansion follows Monzo securing a European banking licence from the ECB and the Central Bank of Ireland last December, the green light it needed to operate across the EU.
Yesterday, I covered how Trade Republic is reportedly considering adding Catalan language support to its app. Now Monzo is planting its flag in Spain too.
Speaking of neobanks making noise this week, Revolut launched a new ad campaign yesterday starring football legend Luís Figo.
The campaign sees Figo talk about smart money management and switching banks, with a delivery that playfully mirrors one of the most controversial transfers in football history: his move from FC Barcelona to Real Madrid.
P.S. If you're a FinTech brand exploring sports sponsorship opportunities, football or beyond, feel free to reply to this email. I may have something interesting for you. 😉
Dive deeper into digital banking's latest moves below. Catch you tomorrow!
Cheers,
INSIGHTS
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NEWS
🇪🇸 Monzo will open in Spain in September with offices in Madrid and Barcelona and a team of 50 people. It is expected to operate with a branch of its Irish banking license, which it obtained last December in order to expand into European markets. The Bank of Spain is finalizing its authorization.
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🇨🇦 Wise introduces first-of-its-kind multi-currency Interest feature in Canada. Eligible customers can now opt into the new Interest feature to earn a market-leading return on balances held in CAD, USD, EUR, and GBP from the convenience of their Wise multi-currency account.
🇺🇸 Anthropic and FIS are building an AI agent to help banks police financial crimes. The first use case focuses on financial crime detection, enabling banks like Bank of Montreal to automate investigations by gathering and analyzing transaction data more efficiently, while keeping humans in the decision loop.
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