Monzo has announced it has secured a full banking licence from the European Central Bank and the Central Bank of Ireland (CBI), clearing the way for the challenger bank’s expansion into European markets.

The move will see Dublin become the fintech’s official European headquarters under EU CEO Michael Carney, with the firm planning to use Ireland as a springboard into the wider European bloc, targeting “millions more” personal and business customers.

Kicking those plans off, Irish customers are being encouraged to sign up to the waitlist for early access to Monzo in the coming months, with each new account set to come with an Irish IBAN, a potential lifeline for businesses suffering from illegal IBAN discrimination or higher fees following Brexit.

Moving into the Irish market also allows Monzo to go head-to-head with major competitors like Revolut, which also counts a base in Dublin, along with more than 3 million Irish customers after securing its own European Central Bank license in 2021.

Monzo will be looking to carve out its share of that market and charge past Revolut, much as it has done in the UK, where Monzo now claims fourteen million customers to Revolut’s twelve million.  

“The approval from European regulators means we can now take our much-loved products and services to millions more personal and business customers. Today marks a significant step forward in our global mission to make money work for everyone,” said Michael Carney, Monzo’s EU CEO. 

The news caps a whirlwind few days for Monzo, with the fintech having also just announced its acquisition of digital mortgage broker Hey Habito Ltd, in an effort to build on its existing mortgage tracking feature and roll more services into its “all-in-one” app.

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The deal, which was completed for an undisclosed sum, was hailed by Monzo’s chief banking officer, Kunal Malani, who said that the bank will aim to offer a fully end-to-end mortgage broking experience in the hope of bringing ‘simplicity and transparency’ to one of life’s biggest financial moments.

However, the challenger bank has also been plagued by news of a boardroom rift centred on chief executive TS Anil, who the Financial Times reported is being forced out over concerns regarding his plans for international expansion and the timing of the fintech’s IPO, with his role set to be taken by former Google exec Diana Layfield early next year. 

Murkier still, Bloomberg has since reported that some of Monzo’s top shareholders, including the major VC firms Accel and Iconiq, are fighting to keep Anil in post and instead remove board chair Gary Hoffman.