Monzo’s Spanish Debut: The 3,000-Person Waiting List
Hey Digital Banking Fanatic!
Monzo officially went live with its Spanish waitlist earlier this month, following their rollout in Ireland.
Racking up 3,000 applications in just the first few days is a massive deal for the UK-based neobank, especially since the Spanish digital banking market is notoriously tough to crack.
To get all those people raising their hands immediately shows that the "Monzo buzz" still travels fast, even outside the UK. They are trying to sweeten the deal for early Spanish adopters by offering a "Golden Ticket" promotion that gives users €25 (or €100 for businesses) to skip the waitlist line entirely.
Monzo is carrying strong momentum to Spain, as they’re coming from their strongest year yet. I made a deep dive into their full-year results last week.
It will be fascinating to see if they can recreate that viral UK growth engine in Spain, or if the local competition will make them fight for every single user.
Let’s make it a productive Wednesday! Here’s your Digital Banking rundown 👇
Cheers,
INSIGHTS
📰 The Growth Illusion: Why Europe's finance leaders are optimising for the wrong thing. Alex Grach, General Manager EMEA at AppsFlyer, said Europe’s financial sector is entering a new competitive phase where embedded finance platforms may have a structural advantage over both traditional banks and neobanks. Read the full article here
📊 Starling Bank: Five Years Profitable, and Now Focused on Scale. Starling Bank reported its fifth consecutive year of profitability in 2026, with customer growth reaching 6.2 million and net profit rising despite a decline in revenue. The bank also highlighted strong momentum in its software division, Engine by Starling, and is targeting £100 million in annual recurring revenue within the next year. Read the full breakdown
NEWS
🇬🇧 Monzo hiring slows as FinTech refocuses on tools for business. A new report from Morgan McKinley shows FinTech hiring shifting from consumer neobanks toward SME payments and infrastructure firms. While Monzo and Starling Bank are expected to slow hiring in 2026, companies like SumUp and Ebury are projected to expand recruitment.
🇬🇧 Monzo spends heavily on ‘refer a friend’ rewards to boost market share. The bank spent nearly £30 million on referral rewards and increased marketing spend to £143 million, helping deposits rise 55% year over year. Additionally, the bank has received 3,000 applications on its waiting list in Spain in the first few days. The UK neobank plans to offer Spanish IBANs, payroll deposits, direct debits, and Bizum integration as it expands into one of Europe’s most competitive digital banking markets.
🇲🇦 Attijariwafa Bank launches ‘Simple,’ Morocco’s First Full-Scale Neobank. The fully mobile platform replaces L’bankalik and targets a broader customer base with subscription-based banking tiers ranging from basic digital accounts to premium concierge-style services.
🇬🇧 Plum launches new easy access savings account. The new account is designed for customers who don’t want their money to sit idle in non-interest-bearing accounts, while ensuring it stays accessible, whether for an emergency fund or spare cash between goals.
🇮🇳 Digital bank Slice swings to profit in Q4. Digital bank Slice reported a net profit of ₹20 crore in the fourth quarter of FY26, marking a turnaround from a net loss of ₹89 crore in the corresponding quarter last year. Total income for the quarter stood at ₹399 crore, reflecting continued growth in the company's lending and banking operations.
🇭🇺 Revolut is launching Hungarian IBANs to all customers, allowing eligible customers in Hungary to receive local HU IBANs. The move is designed to support salary payments, direct debits, and utility bill payments while reducing friction often associated with foreign IBANs.
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