Leading digital bank Monzo has announced that it has secured a full banking licence from the European Central Bank (ECB) and the Central Bank of Ireland (CBI) to enable it to take its much-loved product into European markets and supercharge its global ambitions.
Founded in 2015 and fully regulated in the UK since 2017, Monzo has grown to become the UK’s leading digital bank, a household name and much-loved brand, trusted by more than 14 million customers and over 800,000 businesses. With a mission to make money work for everyone, it has pioneered tools and features that transform people’s relationship with money.
With today’s news, Monzo becomes the first digital bank fully regulated by the CBI. This licence unlocks the next chapter in the company’s mission to expand into Europe, starting with Ireland. With its European headquarters and a growing team in Dublin, the bank will be working closely with customers to deliver a product that solves real problems and puts them in control of their finances.
Michael Carney, EU CEO at Monzo, 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.”
Elaine Deehan, Country Manager for Ireland at Monzo: “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.”
A new kind of free bank account in Ireland
In the coming months, Irish customers will be able to apply for Monzo’s free personal, joint, business, children’s, and instant-access savings accounts – all managed in one easy-to-use app, packed with powerful budgeting tools. Each will come with an Irish IBAN, giving customers the confidence and convenience of a locally licensed bank.
Monzo’s free instant access savings account allows customers to start saving with as little as €1 and access their money whenever they need it. The account will offer a competitive 1.6% variable interest rate, which is nearly twelve times the average Irish rate on overnight deposits..
Monzo’s business accounts are designed to make life simpler for small businesses and sole traders, with fast digital onboarding, automated Tax Pots, integrated invoicing and real-time financial visibility.
Every Monzo account is powered by industry-leading technology built for reliability, fraud prevention and security with access to 24/7 human support – either directly in the app or over the phone.
Early access and opportunity to co-create products
The Monzo team will work closely with its first personal and business customers to test and shape Monzo’s first products for Ireland. By working hand-in-hand with customers, Monzo aims to deliver a banking experience that truly reflects what Irish customers deserve.
Starting today, individuals and businesses can register at www.monzo.com/ie to join Monzo’s waitlist for early access.
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