London startup Monzo has been granted its full banking license

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."

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

See Also:

• A robot can print this $32,000 house in as little as 8 hours — take a look inside

• An Israeli VC firm has closed a new $250 million fund to invest in startups

• The 22 best cities in the world for tech, according to Savills