Digital bank Monzo gains a full European banking licence

UK-based digital bank Monzo is ready to expand into Europe. The fintech has acquired a full banking licence from the Central Bank in Ireland, as well as from the European Central Bank.

Monzo has gone from strength to strength since it launched back in 2015. Now the company’s European headquarters will be in Dublin, where it will be regulated by the Central Bank of Ireland.

While Monzo’s European expansion is starting in Ireland, the digital bank has its eye set on numerous other European markets. There are already 14 million customers, including over 800,000 businesses, and this is a number that is due to increase dramatically in the coming months and years.

Michael Carney, head of Monzo in the EU, 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.

In Ireland and more widely across Europe, fintech darling Revolut has already established itself in many countries. With the introduction of an element of competition, it will be interesting to see how things play out.

Looking to the future, Elaine Deehan – Monzo’s country manager for Ireland – 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.

She added: “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.”