Expanding Banking Horizons with Full Regulatory Approval

Monzo has gained a full banking licence from both the European Central Bank (ECB) and the Central Bank of Ireland (CBI), laying a strong foundation for entering new markets in Europe and bolstering its growth aspirations.

Aiming to foster a better relationship between individuals and their wealth, Monzo provides innovative tools and features. Now that it has received full regulatory recognition, Monzo can offer digital banking services across multiple European regions, beginning with Ireland.

Launching Localized Banking Solutions in Ireland

Irish consumers will soon be able to apply for free Monzo accounts tailored for personal use, joint ventures, business operations, children’s savings, and instant-access savings. These accounts come equipped with an Irish International Bank Account Number (IBAN) and are conveniently managed through a single app, which includes budgeting tools.

The free instant savings account enables users to save as little as EUR 1 at any time, offering a variable interest rate of 1.6%, significantly higher than the average Irish overnight deposit rates. Monzo also provides business accounts designed for small and medium-sized enterprises (SMEs) and sole traders, featuring rapid digital onboarding, automated Tax Pots, integrated invoicing, and real-time financial visibility.

With personalized spending categories, customers can track their expenses more effectively, while virtual cards promote secure online payments without the need for physical cards. When traveling abroad, Monzo ensures no foreign exchange fees apply, alongside features like gambling blocks and spending controls to help users maintain control over their finances.

A shared expense tool called Running Split allows easy bill division among friends or family members, making it simple to allocate money into designated categories for bills, savings, or daily objectives. Users can connect with other bank accounts in the Monzo app, view all balances, and apply for an account without any maintenance fees or hidden charges.

Driven by technology, every Monzo account prioritizes fraud prevention and security, offering 24/7 human support through the app or phone. Currently, businesses and individuals can sign up on Monzo’s website to join the early access waiting list.

The regulatory approval has unlocked a broader customer base for Monzo, combining the reliability of a regulated institution with state-of-the-art technology to redefine how people engage with their money in Ireland and beyond.