Monzo’s EU Chief Leaves Neobank to Launch Robotics Startup

Monzo’s European CEO is reportedly leaving to launch a robotics-focused startup for people with disabilities.

Michael Carney is stepping down from the U.K. neobank, where he has served as European Union CEO since 2024, according to a Tuesday (Sept. 22) Bloomberg News report citing an emailed statement from the executive.

“I’ll continue to lead the business alongside our great EU leadership team as we search for a CEO to lead European business through its next phase, bringing Monzo to millions more people across Europe,” Carney said.

As Bloomberg noted, Carney’s departure comes as Monzo is working to expand in Europe. The company earlier this year said it would focus more on Europe and Great Britain, shutting down its American operations after failing to capture that market.

PYMNTS wrote at the time that the withdrawal followed a period when Monzo had been reconsidering a U.S. banking license. The FinTech had withdrawn an application in 2021 after regulators indicated approval was unlikely, and later considered restarting that process as part of a wider plan for expansion.

“A charter would have allowed Monzo to operate under a single regulator, access core payment rails and originate loans directly,” that report said. “Without it, the firm remained dependent on partner banks, which can constrain margins and limit product scope.”

The U.S. market presents a different competitive structure. Traditional banks are heavily focused on digital channels, while established FinTechs provide similar features around payments, savings and budgeting.

“Customer acquisition costs are high, and switching behavior does not always follow engagement patterns,” the report added, citing PYMNTS Intelligence research pointing to an additional complication.

“Consumers are willing to experiment with new apps, but sustaining that relationship long enough to become the primary financial provider is more difficult, particularly when core services such as lending and deposits remain tied to regulated entities,” the report said.

Monzo recently launched in Ireland after securing a banking license in that country in 2025, and opened a waitlist for banking services in Spain in May.

“This is an incredibly special moment for me,” Carney said in a statement to the Irish Examiner on Tuesday. “Since joining as one of the early team members, we’ve grown into a 100-strong team across Dublin, Barcelona, and Madrid—delivering for Irish customers and building momentum in Spain. The incredible experience of building a bank from the ground up inspired me to pursue a personal passion: founding a startup that uses AI and robotics to support people living with disabilities.”

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