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Monzo Expands EU Banking Footprint With Spain Launch

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Monzo Expands EU Banking Footprint With Spain Launch

British digital bank Monzo is continuing its European expansion with operations in Spain.

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The company’s launch in Spain represents Monzo’s first market in continental Europe, the company said in a news release provided to PYMNTS Wednesday (Oct. 28). It follows Monzo’s securing of a European banking license from the Central Bank of Ireland last year.

“Launching in Spain is a huge milestone for Monzo and we have big ambitions here,” says Francisco Sierra, Monzo’s country manager for Spain. “Spanish individuals, families and businesses are ready for a better banking experience—they’re frustrate by hidden fees and confusing terms and are looking for an easier way to manage their everyday financial lives.”

The company said its in-house research bears this out, with 48% of Spaniards feeling like their banks don’t have their best interests in mind, with nearly 60% saying they’ve encountered surprise banking fees.

Forty-seven percent said they need a translator to understand their bank’s products, terms or communications. Among small- to medium-sized businesses, just 26% believe their business banking provides good value for money.

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“We have a proven model centered on listening to customers and designing products to meet their needs,” Sierra added.



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