Tech

The FCA just approved Monzo’s first move outside the UK

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Monzo is kickstarting its international expansion plans with a move into Ireland after gaining the green-light from the City watchdog.

The digital challenger bank will start working on launching its product in the country after gaining passporting permission from the Financial Conduct Authority (FCA).

Ireland will be the start of Monzo's international expansion plans, which will include other countries in Europe this year, the fintech startup said.

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"We're thrilled to have received official passporting permission to offer Monzo in the Republic of Ireland," said head of international Thomas George.

"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."

The three-year-old firm is also considering a move into the US in the long term. Founder Tom Blomfield last week that it is in very early discussions with regulators there.

An exact date for launch has not been set, but Monzo said it will take a few months to gain access to European payment systems.

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