UK DIGITAL BANK Monzo has officially launched in Ireland, entering the market with a wait list of 100,000 customers.

Monzo, founded in 2015, is the leading online banking provider in the UK. It secured a full banking license from the Central Bank of Ireland four months ago – the first digital bank to do so.

The prominent online bank in Ireland, UK-based Revolut, holds a European banking licence through Lithuania. 

Monzo offers free personal and business banking. It also provides customers with a free instant access savings account, which allows them to start saving from €1 while earning a 1.6% variable interest rate. This is slightly above Revolut’s rate of 1.5%.

EU CEO at Monzo Michael Carney said: “Ireland deserves a better way of banking, and it’s clear customers are ready for it. The response to our waitlist shows just how strong that demand is.

“As our first market in Europe, we’re excited to bring a bank that people genuinely love to Ireland, delivering the experience we’ve built serving millions.

“Our mission is to make money work for everyone and we’re bringing that to Ireland today with free everyday banking and a simpler, smarter way for people and businesses to manage their finances.”

Carney this morning rejected the charge that Monzo was launching in Ireland too late given the status of Revolut as a go-to online bank.

It also follows the recent launch of Zippay, a new person-to-person mobile payment service integrated into AIB, Bank of Ireland, and PTSB apps to allow instant money transfers using mobile numbers.

Country Manager for Ireland at Monzo Elaine Deehan said the company’s research shows Irish customers want “free everyday banking, money that works harder for them, a partner they can trust, and a bank that speaks their language”.