UK digital bank Monzo given go-ahead for Irish operations

Business, Finance, Technology | Fri 16 Feb | Author – Business & Finance

The mobile-only bank has also been backed by Stripe’s Collison brothers.

Monzo has also received approval from the Bank of England Prudential Regulation Authority (PRA) to offer its products here via the EU passporting process.

‘Passporting’ is the right of a firm registered within the European Economic Area (EEA) to do business in any other EEA state without further authorisation in each country.

The online bank will spend the next few months setting up access across the necessary EU payment schemes.

So far over 550,000 have signed up to Monzo since its inception in 2015. In 2017 the company gained a full banking licence and made their current account live for customers.

A similar company, Starling Bank, will also operate here.