Monzo, the British digital bank, announced on 17 December 2025 that it had been granted a full EU banking licence following joint approval from both the Central Bank of Ireland and the European Central Bank. The authorisation makes Monzo the first digital bank to be fully regulated by the Central Bank of Ireland and opens the door for it to offer deposit-taking and lending services across the European Union, beginning with the Irish market.
Dublin has been named as Monzo's EU headquarters. The bank said the Irish authorisation would allow it to begin offering products to customers in Ireland initially, with an expansion to other EU member states planned to follow as the operation scales. Monzo will run its EU business through its Dublin-based European entity.
REGULATORY APPROVAL
The licence places Monzo's EU operations under the supervision of the Central Bank of Ireland.
The ECB's involvement in the approval process reflects the standard procedure for credit institutions seeking a banking licence in the euro area. Under the Single Supervisory Mechanism, the ECB conducts its own assessment of licence applications alongside the relevant national competent authority.
DEPOSIT AND LENDING SERVICES
With the banking licence confirmed, Monzo is now authorised to offer deposit-taking and lending services to customers across EU member states. The Irish market will serve as the initial launch point. The bank has indicated that its EU product offering will encompass the kind of mobile-first current account and savings features it offers in the United Kingdom.
The authorisation allows Monzo to serve European customers directly through its Irish entity and to passport its services from Ireland to other EU member states.
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