DIGITAL BANK MONZO is now licenced to work in Europe and will base its European headquarters in Dublin.

Monzo is a British online bank based in London which was founded in 2015.

It is popular in the UK and has close to 13 million personal banking customers, making it the UK’s leading digital bank and the seventh largest overall.

Monzo today announced that it has secured a full banking licence from both the European Central Bank and the Central Bank of Ireland, which enables it to enter the European markets. 

Monzo is now the first digital bank fully regulated by the Central Bank and its expansion into Europe will begin in Ireland, with its European headquarters based in Dublin.

The move will see Monzo face-off against Revolut, which has over three million users in Ireland.

Michael Carney, EU CEO at Monzo, said that the approval from European regulators “marks a significant step forward in our global mission to make money work for everyone”.

Meanwhile Elaine Deehan, Country Manager for Ireland at Monzo, remarked that “people here are tech-savvy who value digital-first products that are built around their real life”.

In the coming months, Irish customers will be able to apply for Monzo’s personal, joint, business, children’s and instant-access savings accounts, each of which will come with an Irish IBAN.

Monzo also said it 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,” added a spokesperson.

Individuals and businesses can register at www.monzo.com/ie to join Monzo’s waitlist for early access.