Monzo takes its “mission into Europe in 2025”

Monzo says it is taking its “mission into Europe in 2025", as it advertises for a string of roles in its new EU hub.

The UK challenger bank appears to be nearing its EU launch, as it looks to roll out its brand beyond the UK and US.

In Monzo’s 2024 annual report TS Anil, Monzo CEO, said:

 “We believe every part of the world needs a Monzo so we’re focused on expanding our offering, building strategies to disrupt the US with a first-class leadership team in place.

“In Europe, Ireland will act as our gateway to European markets and we’re in the early stages of setting up an Irish office.”

The report adds:

“We’ve set our sights on Ireland as the destination for our EU base as we start laying the foundations for expansion across Europe.”

In total, the coral-coloured UK challenger bank, which has more than 10 million customers and is now valued at $5.9 billion, is advertising for eight roles in its new Dublin hub, which will act as its corridor for its launch plans across the EU.

These are director of treasury and capital; senior risk & controls manager; team assistant; EU people lead; lead recruiter; director of financial risk; director of operational & enterprise risk and regulatory affairs manager.

The job specs give some insight into Monzo’s plans for the EU.

The director of operational & enterprise risk role says: “Monzo Europe is an Irish-based subsidiary of the Monzo group which will, upon authorisation, be the base for Monzo’s expansion as a bank into the European Union.”

The EU people lead role says “we are taking our mission into Europe in 2025” indicating the timing of its rollout, while the role also points to a Monzo EU CEO, saying the role will be “a strategic partner to the EU CEO”.

According to LinkedIn, and the Monzo website, Michael Carney, a former European Stripe executive who was based in Dublin, took up this role in in September this year.

Carney is understood to be heading up Monzo's push across the EU.

The director of treasury and capltal role mentions a Monzo CFO Europe role, saying the role “will report to the chief financial officer, Monzo Europe, playing a critical role in Monzo’s overall effective and prudent risk management”.

The spec for the regulatory affairs manager role specifies working with Irish and European regulators.

The job spec says: “You’ll also work closely with our contacts at the Irish and European regulators (CBI- Central Bank of Ireland and ECB- European Central Bank) and support the wider regulatory affairs team with engagement with other relevant regulators (PRA-Prudential Regulation Authority and FCA-Financial Conduct Authority), responding to information requests, preparing for meetings and submitting regulatory submissions."

According to the Irish Times, Monzo has been working extensively with the Central Bank in Dublin, as it looks to garner an Irish banking licence, which it can use in Ireland and passport across the EU.

The newspaper also says that Monzo has also been engaging with the European Central Bank.

According to the Business Post, Monzo has pumped €4m into its Irish entity.

Monzo has existing Irish links, Irishman Conor Walsh heads up its US operations while Nicola O’Brien, the former CFO of Irish financial services firm PTSB, is rumoured to be joining Monzo.

The ECB declined to comment when asked if Monzo had applied or received a banking licence. Monzo declined to comment.