Monzo’s EU chief executive Michael Carney is leaving the digital bank, five months after leading its launch in Ireland, to start his own company focused on using AI and robotics to support people living with disabilities.
Carney joined Monzo in September 2024 after seven years at payments firm Stripe, where he rose to become the company’s European technology CEO. At Monzo, he oversaw a 100-person team responsible for the bank’s Irish launch and its preparatory work for entering the Spanish market.
He will remain in place while Monzo searches for a successor, continuing to lead the EU business alongside its leadership team.
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“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,” Carney said. He added that he would keep leading the European business through the transition as Monzo works to bring its products to millions more customers across the continent.
Carney’s departure adds to a turbulent year at the top of Monzo. The bank’s group CEO TS Anil announced his own exit in October 2025, with former Google executive Diana Layfield lined up to succeed him, a move that triggered a shareholder revolt from investors including Accel and Iconiq, who pushed to keep Anil in place and remove chair Gary Hoffman amid disagreements over the timing and location of a planned listing. Anil later returned to the board in a vice-chair role after the dispute. Monzo has also pulled back from its US operations as it doubles down on European expansion, the market Carney was hired to build out.
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That expansion has otherwise been moving forward. Monzo secured a full European banking licence from the European Central Bank and the Central Bank of Ireland earlier this year, making it the first digital bank to gain a full licence through an Irish application, and used Dublin as its EU headquarters under Carney’s leadership. The bank also acquired mortgage fintech Habito as part of that push, aiming to compete with Revolut, which already counts more than three million customers in Ireland.
Carney’s exit means Monzo now needs to fill its EU leadership role at the same time it is trying to stabilize its group-level leadership and push through a public listing.
Last updated: September 22, 2026
