Monzo's EU chief executive Michael Carney to leave neobank to launch new venture 

Mr Carney's new startup will use AI and robotics to support people living with disabilities

Chief executive of Monzo Europe Michael Carney

Online bank Monzo's EU chief executive Michael Carney is to leave the company five months after its Irish launch as he launches a new AI-backed start-up company.

Mr Carney, who joined the British-headquartered neobank after working as an executive at Irish payments giant Stripe, will remain in post while a search for a successor is undertaken. Mr Carney's new venture startup will use AI and robotics to support people living with disabilities.

"This is an incredibly special moment for me. 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," said Mr Carney.

“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.” 

Monzo Group CEO Diana Layfield paid tribute to the departing Mr Carney. "While I’m sad to see Michael go, I’m equally inspired by his plans for what’s next and wish him the best for this next chapter."

In April 2026, Monzo fully launched in the Irish market. The company saw revenues climb 39% to £1.7bn for the year to the end of March, adding 3m customers to bring its reach to more than 16m customers. Having entered the Irish market in April following the granting of its full banking licence by the Central Bank of Ireland in December 2025, it opened its waitlist in Spain in May.

“The momentum we’re seeing proves that there is a Monzo-shaped hole in Europe. Our amazing team is focused on the huge opportunity ahead, bringing Monzo magic to European customers in a way that feels genuinely local, first in Ireland and now in Spain," said Ms Layfield.