Monzo, a UK-based digital bank known for its app-first approach and customer-centric products, has secured a full European banking licence, marking a significant milestone in its international growth strategy and laying the foundations for expansion across the European Union.
The new licence has been obtained through the Central Bank of Ireland and approved by the European Central Bank, enabling Monzo to operate as a fully authorised bank within the EU.
Founded in 2015 and fully regulated in the UK since 2017, Monzo has grown into the UK’s leading digital bank, serving more than 14 million personal customers and over 800,000 businesses.
The newly secured licence allows Monzo to offer a full suite of regulated banking services across Europe. Dublin has been named as the company’s official EU headquarters, with a growing local team focused on tailoring Monzo’s offering for European consumers and businesses, starting with the Irish market.
In Ireland, Monzo plans to roll out a new kind of free digital bank account. Customers will be able to access personal, joint, business, children’s and instant-access savings accounts through a single app, each provided with an Irish IBAN. The savings product will allow deposits from as little as €1 and will offer a 1.6% variable interest rate.
For businesses, Monzo will introduce accounts aimed at small firms and sole traders, featuring fast digital onboarding, automated tax pots, integrated invoicing and real-time financial insights. All accounts will be supported by Monzo’s cloud-based infrastructure, with a focus on security, fraud prevention and 24/7 human customer support.
Irish customers and businesses can now join a waitlist for early access.
Monzo EU CEO Michael Carney said, “The approval from European regulators means we can now take our much-loved products and service to millions more personal and business customers. Monzo has already proven that by combining the trust of a regulated bank with cutting-edge technology, we can truly transform people’s relationship with money. Today marks a significant step forward in our global mission to make money work for everyone.”
Monzo country manager for Ireland Elaine Deehan said, “We’re excited to be launching an Irish digital bank serving customers and businesses. People here are tech-savvy who value digital-first products that are built around their real life. Banking with Monzo is designed to make managing money effortless – an account with no maintenance fees, packed with clever savings, budgeting and security features and human customer support on hand 24/7.”
Source: https://fintech.global/
