Michael Carney, the CEO of Monzo for the European Union, is stepping down from his position. He announced his departure on Tuesday, September 22, to establish a new startup focused on robotics and artificial intelligence for people with disabilities.
Carney joined Monzo as an early team member and oversaw the expansion of a 100-person team across Dublin, Barcelona, and Madrid. He will continue to lead the European business operations while the company searches for his successor to manage the next growth phase.
Monzo is currently prioritizing its expansion within Europe and the United Kingdom. The neobank recently entered the Irish market after obtaining a banking license in 2025 and opened a waitlist for services in Spain in May.
The company previously exited the United States market after failing to secure a banking license. The firm had withdrawn its U.S. application in 2021 due to regulatory challenges, which limited its ability to originate loans and access core payment infrastructure.
