Tom Blomfield

Monzo CEO Tom Blomfield

Monzo expands overseas

The London-based challenger bank has made its first foray into overseas markets after expanding into Ireland.

Challenger bank Monzo, which has proven to be a huge hit among millennials since its launch in 2015, has expanded into Ireland after being granted permission from the City watchdog.

The fintech start-up said the move marks the beginning of its ambitious international expansion plans, which it hopes will see it expand into other European countries throughout this year.

“We’re thrilled to have received official passporting permission to offer Monzo in the Republic of Ireland,” said Thomas George, Monzo’s 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.”

An exact date for the Irish launch has not yet been scheduled, however, Monzo has stated that it would take some months to gain access to the payment systems in Europe.