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Online & Mobile Banking

Monzo receives full banking license

Thursday 6 April 2017 | 10:18 AM CET

UK digital challenger Monzo has had its banking restriction lifted, enabling it to start bringing current accounts to its users.

Unveiled in 2015 under the name Mondo, mobile-only Monzo received its restricted banking license from the Financial Conduct Authority and Prudential Regulatory Authority in 2016.

The startup recently completed a GBP 2.5 million crowdfund raise, attracting a record-breaking 6500 investors to on Crowdcube, taking total funding to around EUR 35 million.

In a blog, CEO Tom Blomfield says that the full banking license means Monzo can now start introducing current accounts - something it is already doing with a small group of users.

The process will take several months but once customers are moved over to current accounts, they will get new Monzo debit cards, account numbers and sort codes and be able to make bank-to-bank payments, set up direct debits and get their salaries paid in.

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