Monzo, a UK-based digital bank, has received the regulatory approval to operate in the Republic of Ireland.

The bank gained the approval to operate in Ireland following the passporting permission from the Bank of England’s Prudential Regulation Authority (PRA).

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Passporting is a Europe-wide arrangement that enables a firm registered in the European Economic Area (EEA) to do business in any EEA member state without procuring additional authorisation in each country.

In June last year, Starling Bank received similar passporting permission to operate in Ireland.

Commenting on the development, Monzo international head Thomas George said: “We’re thrilled to have received official passporting permission to offer Monzo in the Republic of Ireland.

“Beyond unlocking a whole new set of customers who can soon get their hands on a Monzo account, this moment is particularly exciting because Ireland will be Monzo’s first step outside the UK, as we begin our journey to bring Monzo to the world.”

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However, he also said that the bank has no plans to apply for a banking licence in Europe.

Monzo bank was started in February 2015 and was awarded current banking licence in April 2017.

In November last year, it raised £71m from Goodwater Capital, Stripe and Michael Moritz.

Currently, the bank is also in talks with the regulators to acquire the banking licence in the US.