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Monzo is launching its plans on international expansion with a move into Ireland following the granting of permission from the City watchdog.
Monzo is a digital challenger bank. It will begin working on launching its product in the country after being granted with a passporting permission from the Prudential Regulation Authority (PRA) of the Bank of England.
The fintech startup said that moving into Ireland will be the beginning of the international expansion plans of Monzo, which will also include other countries in Europe in 2018.
“We’re thrilled to have received official passporting permission to offer Monzo in the Republic of Ireland,” stated Thomas George, the head of international.
“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.”
George said that there are still no plans for the startup to apply for a banking licence in Europe with the coming of Brexit.
George stated: “We’re keeping a close eye on Brexit developments: we don’t yet know the exact terms under which the UK will leave the EU, or how any form of financial services passporting or equivalence will work after Brexit. Once there is more certainty we will make a decision.”
Monzo is a three-year-old company. It is also considering a move into the United States of America in the long term. Last week, Tom Blomfield, the founder of Monzo said that the company is in very early discussions with the regulators in the country.
The exact date for the launch has not been scheduled. However, Monzo said that it would take some months to gain access to the payment systems in Europe.