Monzos

Spain has been a country of neobanks for some time. Its market share exceeds 25%and they are fully achieving their goal of stealing customers from traditional banking. With Revolut Leading the surprise and capturing more new accounts than banks like BBVA or Santander, there is a new actor with enough muscle to stand up to it. monzo. It may not sound familiar to you, but monzo It is the most used bank in the United Kingdom, with 13 million customers. In other words, more than 25% of English people have an account open at Monzo, and the entity has been working silently for months to obtain the green light from the Bank of Spain. The “OK”. The neobank has been registered with the Bank of Spain as a bank branchhaving formally authorized registration in the BOE. The first key regulatory step for Monzo to set foot in our country, although at the moment there is no set date for its landing. Why is it important. Monzo is not just another niche neobank looking to survive. It is an entity with millions of customers, profitable since 2023, and with a product proposal that has managed to take the UK by storm. If it plays its cards right, Monzo can become one of Revolut’s main players, and a major threat to other propositions such as N26 either Trade Republic. why now. Experts like Jose Luis Antúnez told us back in 2019 why Monzo did not seem to have any special interest in leaving the United Kingdom. The answer was clear: customer service. Regarding traditional banking, neobanks are failing in this aspect, while Monzo has been wanting to be more responsible in terms of experience and service for years. A conservative strategy. Monzo’s differential is not currently in its offer of financial products, it is that it is a simple Neobank. Allows you to use “Pots”, a tool to divide into subaccounts and save by objectives with automatic transfer. It allows you to automate the payroll so that a certain part goes to the savings pot, a certain part to the invoices (direct debits) and the rest is available for spending. Bill Splitting with Friends Remuneration higher than 3% in the United Kingdom. The numbers. Revolut closed 2025 with 6.3 million customers in Spain, its third global market by user volume, after gaining two million in the last year alone. Trade Republic, for its part, went from 1.2 to 2.4 million users between June 2025 and April 2026. Revolut is already the fifth bank in Spain, ahead of ING, Unicaja, Cajamar and Ibercaja. Only 200,000 clients from Sabadell, which has been building a network of offices throughout the country for decades. Traditional banking continues to dominate in volume—CaixaBank has almost 19 million customers—but the ranking is no longer just a matter of entities with branches on every corner. Three of the ten largest banks in Spain are neobanks, and Monzo wants to add a fourth. In Xataka | Revolut wants more than your savings: it’s going after Spanish millionaires