Monzo wins European banking licence, as investors agitate for CEO return

Monzo, the UK-based digital bank, has secured a European banking license, paving the way for expansion across the European Union. This marks a significant step for the fintech company, allowing it to offer its services to millions of potential new customers and solidify its presence in the EU market. The move is crucial for Monzo's growth strategy and its ability to compete with established financial institutions. The license, granted by the European Central Bank (ECB) and the Central Bank of Ireland (CBI), enables Monzo to operate across the EU, starting with Ireland, its designated EU headquarters. With the license, Monzo can now hold customer deposits, and offer retail and business accounts in Ireland, unlocking new revenue streams. Monzo currently has over 13 million customers and has been vocal about its EU expansion plans. This European expansion will allow Monzo to broaden its reach to millions of customers. The move underscores the growing importance of digital banking and its potential to disrupt traditional financial services in Europe. As Monzo launches in Ireland, its success will provide a model for further expansion across the continent.