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Monzo granted permission to operate in Ireland

Tom Belger | 12:30 Wednesday 21st February 2018

Monzo has received passporting permission from the PRA to operate in the Republic of Ireland .

The permission marks the first step in the mobile-only bank's plans for international expansion.

Monzo will now spend the next few months setting up access to necessary European payment schemes before being able to offer its product to consumers in Ireland.

Monzo received its full banking licence in April 2017 and as a result is eligible to apply for additional passporting rights for other European Economic Area member states.

The bank hopes to move into other European countries during the course of the year and is considering expansion into international markets such as the US in the long term.

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

“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."

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