Revolut Aims to Take on Phone Providers With ‘Mobile Plans’
London-based FinTech Revolut is preparing to launch mobile phone plans.
The new program, announced Wednesday (April 30), will offer users unlimited calls, texts and data at home and a 20GB roaming allowance across Europe and the U.S., launching first in the U.K. and Germany.
“Mobile Plans is the latest move by Revolut as it expands into full mobile connectivity and drives further competition against traditional network providers as UK consumers suffer from hefty European roaming charges,” the company said in a news release.
“In 2024, Revolut became one of the first UK financial institutions to offer global eSIMs for its customers to stay connected when travelling abroad.”
That program, the release added, has since seen customers create millions of data plans used in more than 100 locations around the world, making eSIM Revolut’s number one non-banking product in terms of usage.
“The massive success of our eSIM product launched has proven mobile offerings are ripe for disruption,” Hadi Nasrallah, general manager, telco and retail director at Revolut, said in the announcement.
“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. We’re looking to solve all three, providing Revolut customers with a tech-led experience, the best value and no fixed contract commitments.”
The announcement comes one week after Revolut reported that it had booked its first billion-dollar annual profit in 2024. As PYMNTS wrote, this milestone spotlights the way the “super-app’s widening menu of wealth, credit and subscription services is translating customer growth into bottom-line results.”
Revolut’s earnings showed group revenue jumping 72% to $4 billion, driven by double-digit expansion across each major line, from card payments and foreign exchange to its fledgling wealth arm, where revenue surged 298% to $647 million.
In a separate report last month, PYMNTS wrote that efforts by companies like Revolut “to branch into investing and credit card rewards … speaks volumes to the appeal of apps as a digital front door to a continuum of financial activities.”
Research by PYMNTS Intelligence has found that 60% of millennials, 57% of Generation Z and 52% of Generation X primarily use mobile banking apps. Beyond that, 94% approved their overall access to financial services, and 79% said new technologies have improved their access to banking services.
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