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Monzo is now a proper digital bank
UK banking startup Monzo has been given the green light by the Prudential Regulation Authority and the Financial Conduct Authority to operate, well, like an actual bank. Until now, the company has been working with a restricted banking licence, which meant you had to have a connected, external bank account to use its pre-paid card and money-saving software. The mobile-first approach attracted plenty of fans, but there were limitations to the setup -- Monzo could only hold deposits up to £50,000, for instance. For years, the plan has been to become a proper digital bank.
