Monzo has secured a full banking licence to operate in the European Union, with plans to bring its fintech product to new markets in the continent.
The digital bank has become on of the most successful in the UK since its launch in 2015, having amassed more than 14 million customers in its home market.
It has now been granted a full banking licence by the European Central Bank (ECB) and the Central Bank of Ireland (CBI), giving access to millions of potential new users.
“The approval from European regulators means we can now take our much-loved products and service to millions more personal and business customers,” said Monzo’s EU boss Michael Carney.
“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.”
The bank will be launching in Ireland, a country known for its adoption of digital banking, with Revolut seeing significant success.
“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,” said Elaine Deehan, Monzo’s country manager for Ireland.
“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.”
