The UK online bank will offer current accounts and savings accounts and will run its new EU operations from Dublin
It means that the bank, which has set up its EU headquarters in Dublin, can now supply Iban numbers and other banking services here.
Monzo says that it will soon begin offering current accounts for individuals as well as children and joint accounts. The bank will also offer “a selection of business accounts” and has opened a waitlist.
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And it will have “instant-access” savings accounts yielding 1.6pc interest, which the bank claims is 12 times the average Irish rate on overnight deposits.
Like rivals such as Revolut, Bunq and N26, Monzo’s primary interface will be a phone app. It says that it will provide 24-hour customer service using human agents.
The company was founded in 2015 and claims to have 14m customers in the UK, including over 800,000 businesses.
Privately held, it was most recently valued at €5.4bn. Although it is the seventh largest bank in the UK, it is a fraction of the overall size of its UK competitor, Revolut, which has 65m customers and is valued at €65m.
The Dublin office will host the bank’s EU CEO, Michael Carney, as well as its EU chief operating officer, Sonia Flynn, who is a former head of Facebook in Dublin. Nicola O’Brien, Monzoo’s EU chief financial officer, and Elaine Deehan, the bank’s country manager for Ireland, are all also based here.
“People [in Ireland] are tech-savvy who value digital-first products that are built around their real life.” said Elaine Deehan.
Monzo employs over 3,000 people in total, with 35 now based in Dublin.
“The approval from European regulators means we can now take our much-loved products and service to millions more personal and business customers,” said Michael Carney, EU CEO at Monzo,
