Monzo eyes Ireland as first stop for international expansion
14 February 2018 | 6561 views | 0
Monzo is to take advantage of EU-wide passporting arrangements and follow fellow challenger Starling to launch its app-only current account in Ireland.
Monzo's plans were revealed to TechCrunch, with the move into Ireland viewed as a stepping stone to wider international expansion for the startup.
Earlier this week Monzo chief Tom Blomfield told CNBC that the bank had made contact with US regulatory authorities and had tentative discussions about the possibility of an incursion into the US consumer market.
Thomas George, head of international at Monzo told TechCrunch: “Ireland is a great first step for Monzo: there’s no language barrier, there are strong cultural similarities, and the way people use banking products is similar. But as Tom [has previously] said, expansion into the rest of Europe would require us to build multi-language support, and make other changes to the product to meet local customer needs.
"The process for getting approved in the US is likely to be lengthy and expensive, so this is likely to be a longer-term project. We have ambitious plans for growth and international expansion into various markets will play a big part in that, so we’re exploring all our options."