Estonian mobile banking startup Pocopay has launched its new app in three eurozone countries – Estonia, the Netherlands and Spain. Established in 2014, the company has been working on its own core banking service and designing a simple app for consumers, as part of a strategy that will take it head-to-head with traditional banks across Europe.

The Pocopay offering, which comes with its own bank card and account, is currently available to all eurozone citizens and people with living permits in eurozone countries. Pocopay plans to learn from its initial roll-out before expanding the service across the continent, providing instant transactions between users in different states. There will be no transaction costs for customers, with the only added cost being a monthly fee of €2.90.

“With Pocopay you can tap and swipe to make transactions happen, you can split your bills, and you can request money using email and simple QR codes,” said Pocopay chief executive officer, Indrek Neivelt. “Our users get a real banking account with an IBAN, but how they relate to it is different from the start.”

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