Revolut is introducing a mobile phone service in the UK to compete with established providers like BT and Vodafone. The service, called Revolut Mobile, will cost £12.50 per month for early sign-ups until March 30, then increase to £14.99. This expansion aims to attract more users to its app.

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.

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.