Monzo has secured a full banking license from the European Central Bank (ECB) and the Central Bank of Ireland (CBI), enabling the UK-based digital bank to expand into European markets and advance its international ambitions.
Founded in 2015 and fully regulated in the UK since 2017, Monzo has become a well-known digital banking provider.
According to FF News, it serves more than 14 million personal customers and over 800,000 businesses.
The bank has developed a range of digital tools aimed at helping customers manage their finances more effectively.
The approval makes Monzo the first digital bank fully regulated by the CBI, paving the way for its initial expansion in Ireland.
The company has established its European headquarters in Dublin and is building a local team to support its operations.
Michael Carney, EU CEO at Monzo, said:

“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.”
Monzo’s savings account allows users to deposit from as little as €1 and offers a variable interest rate of 1.6%, significantly above the average overnight deposit rate in Ireland.
Business accounts provide digital onboarding, automated tax management, integrated invoicing, and real-time financial visibility.
All accounts are supported by technology designed for reliability, fraud prevention, and security, with access to customer support 24/7, either through the app or by phone.
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