Monzo goes Irish
Monzo launched in Ireland with a full banking licence and fee‑free accounts, positioning itself as a challenger to Revolut — which is used by about 3 million people in Ireland (x.com). The entry is explicitly aimed at capturing primary‑bank relationships like salary deposits — a high‑value battleground for neobanks and incumbents (x.com).
Monzo’s full banking licence was granted by the Central Bank of Ireland and the European Central Bank on December 17, 2025, and the firm has established its European headquarters in Dublin. (rte.ie) (rte.ie) Monzo’s Irish launch page confirms accounts will be issued with local Irish IBANs and that customer deposits are protected up to €100,000 under Ireland’s Deposit Guarantee Scheme. (monzo.com) (monzo.com) The product lineup on Monzo’s Ireland site lists personal, joint, business and children’s accounts plus an instant‑access savings product that pays 1.6% AER (variable), paid monthly and subject to Deposit Interest Retention Tax (DIRT). (monzo.com) (monzo.com) Monzo has pointed to its existing customer economics as part of the rationale for expansion: in 2025 it said roughly one‑third of its users already treat Monzo as their primary bank. (tech.eu) (tech.eu) Revolut currently has about 3 million customers in Ireland — a scale Monzo will be competing with — and Revolut operates its EU banking services under a licence issued via Lithuania that was approved by the ECB. (rte.ie; bankoflithuania.lt) (rte.ie) Monzo’s Irish licence allows it to accept deposits and pursue lending across the EU from its Dublin base, and the bank reported a significant jump in customer deposits in recent filings, with deposits cited at around £16.6 billion after a 48% increase. (fintech.global; thebankingscene.com) (fintech.global)
