Monzo has secured a full banking licence from the European Central Bank (ECB) and the Central Bank of Ireland (CBI), expanding its product into European markets and accelerating its growth goals.
Monzo’s mission is to make money work for its clients by offering tools and features that transform individuals’ relationship with wealth. With the licence, the company becomes a fully regulated digital bank, unlocking growth opportunities across Europe, starting with Ireland.
Accelerating international growth goals
In the near future, Irish customers will be able to apply for Monzo’s free accounts for personal, joint, business, children’s, and instant-access savings use. All these accounts come with an Irish IBAN and can be managed in one app, encompassing budgeting tools and offering customers the confidence of a locally licensed bank.
The free instant savings account allows customers to start saving up with as little as EUR 1 and access their funds whenever they need. The account offers a 1.6% variable interest rate, which is nearly twelve times the average Irish rate on overnight deposits. Its business accounts are created to make life easier for SMEs and sole traders, offering fast digital onboarding, automated Tax Pots, integrated invoicing and real-time financial visibility.
Personalised spending categories give customers clear insight into where their money goes, helping them budget more effectively, while virtual cards offer safer and more flexible online payments without needing a physical card. With no FX fees when spending abroad and tools like gambling blocks and spending controls, customers can stay in control of their finances. Shared expenses are easy to manage through Running Split, allowing bills to be divided quickly with friends or family, and pots make it simple to organise money into dedicated spaces for bills, savings, and everyday goals.
Customers will be able to connect with other bank accounts and see all balances on the Monzo app, as well as apply for an account with no maintenance charges or hidden fees. Every account is driven by technology, which drives fraud prevention and security with access to 24/7 human support in the app or through the phone. As of today, businesses and individuals can sign up on Monzo’s website to join the waitlist for early access.
The licence approval makes Monzo’s solutions and services available to millions more customers, combining the trust of a regulated institution with modern technology to transform individuals’ relationship with money. The company chose Ireland because it believes that individuals there are tech-savvy and value digital-first solutions built for real-life applications.
