‘Ireland deserves a better way of banking’, says Monzo’s EU lead Michael Carney.
UK neobank Monzo has officially launched in Ireland today (14 April), just weeks after announcing its exit from the US.
Monzo launches in the country with around 100,000 users on the waitlist, the company said. Its banking app also ranked as the most downloaded finance app in Ireland for five consecutive weeks, highlighting a “huge demand” for its services, it added.
Monzo received its received its banking licence from the European Central Bank (ECB) and the Central Bank of Ireland (CBI) last December. This enables the company to bring its fully regulated personal and business banking products to customers across the EU, starting with Ireland.
In late March, the UK bank announced plans to shutter its US operations in order to focus on growth opportunities closer to home.
“With a fast-growing customer base of 15m in the UK and the growth opportunity our European banking licence creates, we’re making a deliberate, strategic decision to focus on scaling in our home market and Europe and to step away from the US,” Monzo said at the time. Bloomberg reported that the company was laying off about 50 employees at the time.
Monzo is incentivising potential Irish customers with free personal and business banking, and lower prices for SME owners. With the banking license, all Monzo accounts are protected to up to a value of €100,000. Meanwhile, the company is also promises “no jargon and 24/7 customer support”.
“Ireland deserves a better way of banking, and it’s clear customers are ready for it. The response to our waitlist shows just how strong that demand is,” said Michael Carney, the EU CEO of Monzo.
“As our first market in Europe, we’re excited to bring a bank that people genuinely love to Ireland, delivering the experience we’ve built serving millions.
“Our mission is to make money work for everyone and we’re bringing that to Ireland today with free everyday banking and a simpler, smarter way for people and businesses to manage their finances”.
In February, the company announced plans to nearly double its Irish workforce to 70 by mid-2027.
Elaine Deehan, the country manager for Ireland at Monzo added: “Our research is clear, Irish customers want free everyday banking, money that works harder for them, a partner they can trust, and a bank that speaks their language.”
Monzo enters Ireland just after a new digital banking service co-provided by AIB, Bank of Ireland and PTSB enters the banking market. Zippay is available directly on the trio’s platforms, potentially opening the app up to existing 5m customers.
Revolut, meanwhile, recently applied for a US banking licence. The UK fintech is on an aggressive expansion campaign, with plans to reach 100m customers by mid-2027.
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