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Monzo is reportedly working on the launch of a mobile phone service in the UK, clearly looking to build on the success of its digital banking offer.
But while it has a ready-made user base to target – its banking customers exceeded 12 million as of the end of March – Monzo will enter a crowded market. It is one of a number of financial and utility companies looking to sidestep into the adjacent mobile space.
News of Monzo's decision to move into mobile comes from the Financial Times, which reported that the bank has confirmed it is in the early stages of developing a proposal for a new service. The bank is looking at launching its own SIM and offering mobile contracts, its sources explained.
