Monzo opens in Ireland, its first EU market, with 100,000 on the waitlist but no loans or cards yet

Monzo opened to customers in Ireland on 14 April 2026, the first market it has entered under its new EU banking licence. The London-based digital bank said about 100,000 people in Ireland had signed up to its waiting list before launch day.

The launch is the first real test of Monzo's plan to grow in Europe rather than the United States. It came only weeks after the bank said it would close its US operations and concentrate on the UK and the EU.

What Irish customers get, and what they don't

From launch, Irish customers can open current accounts and savings products, both personal and for businesses. Monzo also offers joint accounts and accounts for children. Everyday banking is free, and the bank is pitching lower fees to small business owners.

Deposits are covered up to €100,000 under the licence, and support is available around the clock by phone, email and in-app chat. There are no branches.

Credit is missing for now. Monzo sells credit cards and loans in the UK, but neither is available in Ireland at launch.

The licence behind all of this was granted in December 2025 by the ECB together with Ireland's central bank. Ireland is also where Monzo's EU business is headquartered. In February the bank said it planned to nearly double its Irish headcount, to around 70 people by mid-2027.

Demand on paper, competition in practice

Monzo said that for five straight weeks before launch, no finance app was downloaded more often in Ireland than its own. Michael Carney, Monzo's EU chief executive, said the waiting list showed people were ready for a change. "Ireland deserves a better way of banking, and it's clear customers are ready for it," he said.

Elaine Deehan, the bank's country manager for Ireland, said its research found that Irish customers wanted free everyday banking, better returns on their money, a provider they could trust and "a bank that speaks their language."

A waitlist is not the same as active accounts, and Monzo arrives without the advantage it had at home. In the UK it was one of the first app-only banks to reach scale; it now serves around 15 million customers there. In Ireland it faces Revolut, which is pushing hard for global growth, and a new digital service called Zippay that AIB, Bank of Ireland and PTSB launched together shortly before Monzo, inside their own platforms.

Irish consumers have also tended to want access to a branch, which has been a problem for earlier entrants without one. Carney argued that being supervised by the Central Bank of Ireland would help customers trust Monzo, alongside its fraud-prevention features and phone support. Fraud driven by AI tools is a growing worry for app-only banks, and Carney said Monzo's fraud features were a reason customers could feel safe.

Ireland as the springboard

Ireland was picked first for a practical reason. Monzo's EU licence sits with its Irish entity, so the country is where the bank can prove its European model before using the same licence to enter other member states.

Monzo was founded in London in 2015 and became a licensed UK bank in 2016. Its last disclosed funding round was $430m in March 2024, led by CapitalG, at a valuation above $5bn. It is now run by Group CEO Diana Layfield, who took over from TS Anil in February 2026.

Carney also welcomed the Irish government's plan for new savings and investment accounts, calling the idea "fantastic" and something the market needed.

The next markers are the first figures on account openings and deposits, and a date for adding cards and loans in Ireland. Monzo has described Ireland as the starting point for offering its banking products across the EU.