The boundaries between finance and telecommunications are dissolving. FinTechs are increasingly entering the telecom sector by launching Mobile Virtual Network Operator services (MVNOs). This move is redefining the nature of digital ecosystems, positioning financial firms at the intersection of money and connectivity.
Major names such as Revolut, N26, Nubank, and Klarna are spearheading this shift. In April 2025, Revolut and N26 announced MVNO plans—Revolut targeting the UK and Germany with unlimited calls, texts and roaming, and N26 aiming to reduce the steep cost of mobile services in Germany. Nubank already operates an MVNO, NuCel, using eSIM technology to offer transparency and flexibility. In the U.S., Klarna has launched a $40-per-month unlimited 5G mobile plan via a Gigs-powered MVNO infrastructure.
This trend is not incidental. MVNOs benefit from access to wholesale network capacity, avoiding the need to build physical infrastructure. Analysts estimate MVNOs earn around £10 per user monthly, while wholesale costs sit at £3—making them viable when customer acquisition costs are controlled. For example, if 15 % of Revolut’s 11 million UK users joined its mobile service, the fintech could generate approximately £140 million in extra annual revenue.
For FinTechs, MVNOs are strategic. Mobile usage is constant—calling, messaging, data streams—unlike episodic banking interactions. By embedding telecom services, FinTechs embed themselves in daily life. Users manage their bank and mobile plan via a single app. This reduces friction, strengthens loyalty, and brings more granular user data into the ecosystem.
This model aligns with the “MVNO-in-a-Box” concept. Firms like Gigs provide turnkey MVNO infrastructure—white-label platforms, APIs, billing, compliance and connectivity—eliminating complexity for financial brands entering telecom.
As readers of We Put You in Touch know from our “We Put You in Touch” philosophy, seamless integration of services is core to our value proposition. Just as we connect clients to the right experts, FinTech-powered MVNOs connect users to essential daily services through a unified interface. This is where We Put You in Touch’s proposition fits: enabling smooth digital integration, whether in finance, telecom or beyond. We invite readers to explore how our solutions bridge such domains—see our Solutions page.
Markets like Luxembourg are fertile ground. Though no local FinTech has yet launched an MVNO, the market possesses the regulatory sophistication and technological openness for niche pilots—targeting cross-border workers, mobile professionals or SMEs needing seamless finance and telecom bundles.
Challenges remain. MVNO margins depend on customer retention and service quality. Poor telecom experience could damage a FinTech’s brand credibility. Regulatory complexity across finance and telecom increases integration risk. And incumbents may resist or undercut new MVNO entries.
However, this evolution echoes broader trends. FinTechs are shifting toward “super-apps”—integrated platforms offering payment, commerce, communication—and moving into telecom is a natural next step. The migration into connectivity is not a gimmick but a strategic embedding.
In conclusion, FinTech-operated MVNOs represent a structural shift. They are not merely new offerings—they are a redefinition of digital lifestyle integration. For users, this means convenience in one app. For FinTechs, stronger ecosystems and data. For markets like Luxembourg, a chance to lead in convergence innovation. And for WPYiT, another example of how putting people in touch means weaving separate domains into one seamless solution.
References
- Financial Times – Everyone suddenly wants to be a telecoms group
- Financial Times – Monzo plans UK mobile service
- The Guardian – Monzo plans to launch UK mobile phone service
- Reuters – Klarna to launch $40/month mobile plan in US
- Juniper Research – Why Revolut, N26, Nubank and other fintechs are launching MVNOs
- Juniper Research – The Distillery #11: Monzo goes mobile
- Gigs – MVNO in a Box: The smartest way to launch a mobile service
- Nubank – NuCel, new mobile phone service
- TechCrunch – Gigs, an “MVNO in a box,” raises $73M
- Sifted – Monzo readies mobile phone plans
- Klarna Investor News – Klarna expands into mobile with new plan