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."
