British mobile-only bank Monzo has received a full banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Monzo (previously known as Mondo) secured a restricted banking licence from regulators in August 2016.
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Monzo CEO Tom Blomfield said that the full approval allows the bank to launch current accounts, which it is already piloting with a small group of users.
The accounts will be offered to larger number of users eventually, though the process may take “several months”. Following the switch to current accounts, customers will receive new Monzo debit cards, account numbers and sort codes and will be able to conduct bank-to-bank transactions, set up direct debits and get salaries paid in.
“We’re currently running live bank accounts with a small group of users, and we’ll slowly be expanding that group over the coming months to put our banking system through its paces and ensure everything works as expected. As we get used to running current accounts day-to-day, we’ll look to offer accounts to larger numbers of people over the summer, including groups like our recent investors and pre-registrants from the crowdfunding,” Blomfield stated.
The challenger bank recently concluded a £2.5m raise via a crowdfunding campaign on Crowdcube, taking its total funding to nearly £35m.
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By GlobalData
