Overview

• Monzo confirmed it is in the early stages of developing a digital SIM and monthly contract offering, with no launch timeline.
• The firm is discussing wholesale access with major UK operators and would resell service rather than build its own network.
• The initiative aims to cross-sell to more than 13 million customers and diversify revenue beyond financial products.
• Analysts say new fintech entrants could pressure incumbents on price and roaming terms, with Revolut, Klarna and Octopus also pursuing mobile offerings.
• This exploration follows rapid growth in revenue and customers and a recent £21 million FCA fine over historical anti-money-laundering controls.