Monzo has been granted a full banking licence by the European Central Bank (ECB) and the Central Bank of Ireland (CBI), enabling the digital bank to expand its operations within the European Union.
The licence allows Monzo to begin offering banking services in Ireland, marking the company’s first step in broader European expansion, the company stated in a LinkedIn update.
Ireland was selected as the initial market due to its established financial services sector and high level of digital adoption.
As part of its market entry, Monzo said it plans to spend the coming months engaging with both personal and business customers in Ireland to better understand local banking needs.
Customer feedback will be used to inform the development and refinement of products tailored to the Irish market.
A Monzo spokesperson said the company intends to work closely with customers as it builds out its offering in Ireland, using insights from early users to guide product design and service features.
Monzo has opened a waitlist for customers in Ireland interested in accessing its services.
MBEU Designated Activity Company, trading as Monzo, is regulated by the Central Bank of Ireland.
