Monzo given go-ahead to ‘passport’ banking licence to Republic of Ireland

Monzo, one of a number of “challenger” banks in the U.K. aiming to re-invent the current account, has announced the first step in its plans for international expansion with news that is has regulatory approval to operate in the Republic of Ireland.

The moves takes advantage of so-called ‘passporting’, a European-wide arrangement that sees similar regulation mirrored across the European Economic Area’s 27 member states, helping to create something akin to a single market for financial services. It echoes a similar move by competitor Starling Bank, which passported to Ireland in June.Having achieved a U.K. banking license last April — and c...