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Consumer credit firm Lendable has launched a new mobile phone tariff for £20 a month, joining other fintech groups in attempting to disrupt the dominance of major carriers.
The plan includes unlimited 5G data, calls and texts on Vodafone’s network, plus 10GB of roaming across 38 nations.
The British company has become the latest financial technology firm to expand into telecommunications in a bid to unlock new revenue streams.
Lendable, founded in London in 2014, joins a string of firms in other countries tapping into the telecoms market and seeking to build ‘super-app’ systems that combine banking, shopping and communications.
Revolut recently announced plans for its own mobile virtual network operator in Europe, while Klarna will launch a $40 per month plan in the US.
Unlike mainstream providers, these operators do not own the wireless infrastructure they depend on, which allows them to avoid heavy fixed costs while competing on prices for consumers.
New tariff: Consumer credit firm Lendable has launched a new mobile phone tariff for £20 a month
Similarly, Monzo is reportedly exploring the launch of a digital SIM, which connects to a mobile network without a physical SIM card, and offering monthly contracts.
Mobile virtual network operators like Giffgaff, Voxi, Tesco Mobile and Lebara offer mobile services by ‘piggybacking’ off the network provided by big UK operators.
Celebrities have also jumped on the trend. Ryan Reynolds-backed budget brand Mint Mobile was sold to T-Mobile US for $1.35billion in 2023, while Donald Trump’s family business has licensed its name to launch a mobile service.
Lendable’s plan will be powered by US-based tech company Gigs, which provides the operating system, and will be available on the Lendable-owned Zable app, which has 2million customers.
Martin Kissinger, co-founder and chief executive of Lendable, said that unlike other fintechs focused on current accounts, international payments and trading, Zable offered cost-saving options with the aim of lowering bills.
When asked about fundraising, Kissinger told Reuters Lendable was a profitable and well-funded business.
He said: ‘At the moment, we are not thinking about any kind of listing, as there is still a lot of building to do.’
Kissinger declined to comment on a potential initial public offering on the London Stock Exchange.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .