London startup Monzo has been granted its full banking licence

Tom Blomfield, CEO, MonzoMonzoTom Blomfield, CEO, Monzo.

London startup Monzo announced on Wednesday that it has had the restrictions on its banking app lifted.

The move means that Monzo can now start providing its pre-paid card and beta app users with full, unrestricted current accounts. It also means the company will be able to start managing customer deposits on a much bigger scale.

“I’m delighted to announce that our banking licence restrictions have been lifted! Monzo is now a fully authorised, unrestricted bank,” wrote Tom Blomfield Monzo CEO.

“This means we can now begin the process of bringing current accounts to existing users. This is a process we will be taking quite slowly to ensure we can provide the best possible experience to our users, so I’d like to ask for your continued patience.”

More from Business Insider UK:

NOW WATCH: 6 things the Samsung Galaxy S8 can do that the iPhone can’t

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In

monzo sai-us startups uk