Monzo has introduced a new feature called Undo Payments, allowing users to cancel bank transfers within a 10 to 60-second window to enhance safety and confidence in transactions. This initiative responds to research indicating that 30% of Brits have made payment mistakes, with a significant amount of money sent incorrectly in the past year. The feature aims to minimize errors and potential fraud while providing users with a sense of control during their banking activities.

Monzo plans to launch its own mobile phone service in the UK, aiming to enhance competition among major telecom firms and diversify its revenue streams. The digital bank, which has over 13 million customers, is developing a digital sim card to facilitate this expansion, as it seeks to improve customer experiences and potentially increase its valuation ahead of a future IPO.

UK fintech Monzo has achieved a significant milestone by surpassing £1bn in revenue for the first time, reporting £1.2bn in revenue and a profit of £60.5m for the last financial year. With a growing customer base of around 12 million and plans for expansion in Europe and the US, Monzo is also preparing for a potential IPO, currently valued at £4.5bn.

The UK's Financial Conduct Authority has imposed a £21 million ($28 million) fine on digital bank Monzo for inadequate anti-financial crime measures, including accepting customers with addresses like Buckingham Palace. Monzo's CEO stated that the issues have been resolved, and the bank has since improved its controls following a review.