Monzo, a UK-based digital bank, has received the regulatory approval to operate in the Republic of Ireland.

The bank gained the approval to operate in Ireland following the passporting permission from the Bank of England’s Prudential Regulation Authority (PRA).

Passporting is a Europe-wide arrangement that enables a firm registered in the European Economic Area (EEA) to do business in any EEA member state without procuring additional authorisation in each country.

In June last year, Starling Bank received similar passporting permission to operate in Ireland.

Commenting on the development, Monzo international head Thomas George said: “We’re thrilled to have received official passporting permission to offer Monzo in the Republic of Ireland.

“Beyond unlocking a whole new set of customers who can soon get their hands on a Monzo account, this moment is particularly exciting because Ireland will be Monzo’s first step outside the UK, as we begin our journey to bring Monzo to the world.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, he also said that the bank has no plans to apply for a banking licence in Europe.

Monzo bank was started in February 2015 and was awarded current banking licence in April 2017.

In November last year, it raised £71m from Goodwater Capital, Stripe and Michael Moritz.

Currently, the bank is also in talks with the regulators to acquire the banking licence in the US.