Monzo gets full banking licence from Central Bank

Digital bank Monzo said today it has secured a full banking licence from the Central Bank here and the European Central Bank, marking its first major step into Europe.

Monzo said it is the first digital bank to be fully regulated by the Central Bank of Ireland and its Dublin office will now serve as its European headquarters.

It said the new licence unlocks the next chapter in the bank's mission to expand into Europe, starting with Ireland.

Over the coming months, Irish customers will be able to apply for Monzo's free personal, joint, business, children's, and instant-access savings accounts. Each account will come with an Irish IBAN.

Founded in 2015 and fully regulated in the UK since 2017, Monzo now has 14 million customers, including over 800,000 businesses.

Michael Carney, EU CEO at Monzo, said the approval from European regulators means it can now take its 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," he added.

Elaine Deehan, Country Manager for Ireland at Monzo, said the bank was 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," she added.