Revolut will soon offer mobile plans in the UK and Germany in a move that will see it take on some of the continent’s largest telecom operators.
Founded by Nikolay Storonsky and Vlad Yatsenko in 2015 as a financial travel app, Revolut has since expanded into various services, including business banking, travel insurance, savings and stock trading. Since February last year, it’s also offered an eSim product, which enables users to access data without the need for a physical SIM card.
The financial superapp’s new product in the telecoms space will be a full-service mobile offering with unlimited texts, calls and data, and 20GB EU and US data roaming offered at an introductory price of £12.50. The plans will be launched in the UK and Germany first, with more markets to follow.
“In our view, consumers are suffering with traditional network offerings due to a lack of transparency with hidden fees, painful customer experience and old, difficult to navigate UX,” says Hadi Nasrallah, general manager of Telco at Revolut.
The mobile plans will be integrated into the Revolut app and users will also be able to pay for their plan with Revolut’s loyalty scheme RevPoints.
New products
The launch is the latest in a long line of new additions to Revolut’s product portfolio. Earlier this month, Sifted exclusively reported that the UK fintech is in the early stages of developing a points-based credit card, putting it in direct competition with incumbents such as American Express.
In January, Sifted revealed Revolut was developing a private banking service for high-net-worth individuals (HNWIs), which will feature investment services and wealth management.
The neobank is also set to debut an AI-powered financial assistant and a mortgage product this year, according to a product map outlined at the tail end of last year.
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