Michael Carney will step down as Monzo’s European chief executive, just five months after spearheading the digital bank’s entry into Ireland.
Carney plans to launch a startup that applies artificial intelligence and robotics to assist people with disabilities. His departure marks the latest shakeup in a leadership team already navigating significant turbulence.
The executive joined Monzo in September 2024 following seven years at Stripe, where he served as the payments firm’s European technology CEO. At Monzo, Carney managed a 100-person team tasked with launching operations in Ireland and laying groundwork for an eventual Spanish expansion. He will stay on while the bank hunts for his replacement.
“The incredible experience of building a bank from the ground up inspired me to pursue a personal passion, founding a startup that applies AI and robotics to support people living with disabilities,” Carney said.
Carney’s exit caps a rocky period for Monzo’s senior ranks. Group CEO TS Anil announced his departure in October 2025, with former Google executive Diana Layfield tapped to take over. That decision triggered pushback from investors including Accel and Iconiq, who sought to keep Anil and remove chair Gary Hoffman amid disagreements over a planned public listing’s timing and location. Anil later returned as vice-chair after the dispute settled.
Monzo has also retreated from the United States, redirecting focus toward European expansion. That strategy has shown momentum under Carney’s tenure. Regulators from the European Central Bank and the Central Bank of Ireland granted Monzo a full European banking licence earlier this year, making it the first digital bank to secure one through an Irish application. Dublin now serves as its EU headquarters.
The bank’s acquisition of mortgage fintech Habito signals its ambition to challenge Revolut, which already claims more than three million customers in Ireland.
Carney’s exit leaves Monzo needing to fill its top EU role while simultaneously stabilizing group leadership and advancing its listing plans.
