Monzo, the UK digital bank, today unveiled details about its move into offering mobile phone contracts, with Monzo Mobile pitching itself as rewarding “staying, not switching” customers.
Built on the Virgin O2 network, Monzo Mobile will launch this summer and is offering mobile plans as cheap as £8 a month.
Monzo will hope to be able to cross-sell its mobile proposition to its more than 15m banking customers, as it looks to shake up the mobile industry and offer its banking customers more products.
It will go up against the likes of EE and VodafoneThree while newer entrants like Revolut and Klarna have also made moves into offering mobile services.
Monzo is offering three plans using a digital sim priced £8, £12, and £20 a month, with varying data allowances.
The digital bank says it will offer customers five per cent off their monthly bill every year, increasing to a maximum of 30 per cent, as Monzo rewards longevity.
Monzo customers will be able to track data usage, roaming and mobile spend all within the Monzo app and customers can upgrade or cancel at any time with no hidden fees, Monzo said.
The waiting list for Monzo Mobile opens today.
Duygu Yenidogan-Schmidt, general manager, core banking, Monzo, said: "Monzo Mobile is a natural extension of our mission to make money work for everyone.
“By bringing mobile connectivity into the Monzo app through a simple eSIM experience, we’re giving customers more visibility and control over another essential part of their everyday spending.”
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