Monzo Takes Another Step Towards Super-app Status with the Launch of Its Mobile Plan

June 2026

Fintech & Payments

Lorien Carter

Senior Research Analyst

In Asia, the rise of the super-app has been meteoric. In Southeast Asia, Grab merges together deliveries, a mobile wallet payment solution, and enterprise solutions. In China, WeChat has 810 million users across their messaging, finance, and social commerce services as mini apps within the overall WeChat ecosystem. However, Europe and North America have so far failed to launch similar cross-service integrated services that have scaled to the same level; however, not for a lack of trying. Western fintechs are jockeying to position themselves as the next super-app leader, with Monzo as the latest. 

Why Launch Super-apps?

The appeal for consumers is clear; merging together messaging, mobile plans, finance, and eCommerce into a single platform allows users to conveniently access a variety of functionalities. For businesses, they gain the strategic benefit of capturing users within a single platform; increasing user retention and allowing companies to expand into new revenue streams. The data generated from a comprehensive profile of the user is also incredibly valuable to the company; allowing them to personalise services and recommendations. 

The road to becoming a super-app is varied. Kakao - a superapp with over 43 million active users in South Korea - started as a messaging app, and leveraged their large user base whilst acquiring several start-ups to expand into transportation services, entertainment, and payments.  Rappi, in Latin America, started as a grocery shopping app, and then expanded into payments and banking. In Europe, fintechs are taking a different route; using banking relationships as the starting point for expansion and building out into mobile virtual network (MVNO) services.

Fintechs have a series of advantages when it comes to launching MVNO services due to the unique value proposition. They are agile movers due to structural advantages: existing integrations with finance, quick development cycles, and existing reach with consumers results in low customer acquisition costs. 

Monzo’s Mobile Offering

Monzo’s latest move is its launch of Monzo Mobile; an eSIM-based offering in the UK that will be delivered within their existing app. Customers will be able to track their mobile plan, data usage, upgrade their roaming plan, and view their mobile spend in the Monzo app. This is facilitated by a multi-year partnership with Virgin Media O2; a UK network infrastructure provider of 5G connectivity. 

By offering an eSIM-only service, Monzo avoids the costs associated with producing and distributing physical SIM cards. While this limits the service to users with eSIM-compatible devices, most modern smartphones now support eSIM technology; making this less of a barrier than it would have been several years ago.

Monzo is also departing from one of the traditional telecom industry's defining features - long-term postpaid contracts. Instead, customers will be offered rolling monthly plans that can be cancelled at any time; an approach likely to appeal to younger consumers who prioritise flexibility.

To deliver international roaming capabilities, Monzo has partnered with 1GLOBAL, which provides access to over 600 networks worldwide. This complements Monzo’s existing reputation for international finance; Monzo rose to popularity by not charging mark-ups on FX fees for card payments in foreign countries, as well as offering travel insurance to those on their Premium subscription plan. By integrating global mobile connectivity into its banking platform, Monzo is deepening its value proposition for its existing customers.

Monzo is also using the service to strengthen loyalty. Only existing Monzo customers can sign up to Monzo Mobile, and loyalty is rewarded by giving users 5% off their monthly bill each year they remain. Their current pricing is competitive, but not below the lowest in the market, which gives them room to offer this discount and adds to the stickiness of their services. 

Monzo’s Competition in the Race to Build a Western Super-app

Monzo is not alone in expanding beyond financial services. Revolut, N26 and Klarna have all either launched or announced plans for mobile offerings; signalling a broader trend across the fintech industry. Revolut, which is in direct competition with Monzo due to their similar neobank offerings in the same markets, has been notably vocal about their super-app intentions:

"Our roadmap is designed around our customers’ ambitions; providing them with a slick platform that consolidates all aspects of their financial lives into one seamless experience. Expansion is a key element of our roadmap." as quoted by David Tirado, VP of Profitability and Global Business at Revolut.

Whether any Western fintech can replicate the scale and influence of Asian super-apps remains uncertain. Regulatory differences, consumer behaviour, and market fragmentation present significant challenges. However, the direction of travel is becoming increasingly clear. For fintechs seeking deeper customer relationships and new sources of growth, mobile service launches may be the next step on the road to super-app status. Monzo's mobile launch suggests that this race is only just beginning.