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Revolut to Add New Telecom Service

Revolut to Add New Telecom Service
  • Revolut has partnered with 1Global to offer telecom services to its users.
  • Starting this week, Revolut will offer eSIMs to customers in all five membership tiers.
  • Users in Revolut’s Ultra membership tier will benefit from 3GB of data they can use across international borders. Members in other tiers can pay to top up their data.

In an exclusive announcement with CNBC, global financial services innovator Revolut revealed it plans to begin offering telecom services in the U.K. The move, which is made possible via a partnership with 1Global, will make Revolut one of the only fintechs to offer telecom services.

Starting this week, Revolut will begin rolling out eSIMs, which are small, programmable chips embedded directly into a smartphone, tablet, or wearable device. While eSIMs serve the same purpose as a traditional, physical SIM card, the eSIM is permanently embedded into the device and cannot be removed or swapped out.

While the new eSIM service is available to Revolut members under any of the company’s five plans, customers that pay for the Ultra membership tier will receive 3GB of data they can use across the globe, with no roaming charges. The company launched the Ultra membership option last year. For $69.47 (£55) per month, users will benefit from a platinum-plated payment card and “top-of-the-line experiences” such as airport lounge access, up to 10% cashback on travel accommodations, and more.

Users that fall into the other four Revolut membership categories will receive the standard eSIM plan, which allows them to access the Revolut app at any time and top up their Revolut phone plan if they run out of data with their current provider. The company is offering its non-Ultra members 100MB of free data if they sign up before May 1.

Adding telecom services will bolster the company’s robust travel benefit offerings. Revolut’s Premium, Metal, and Ultra subscribers receive cashback on accommodations, global medical insurance, winter sports insurance, fee-free currency exchange, and more. Adding a benefit as essential as communication is a logical next step, and may convince the company’s Standard and Plus members to pay the extra money to level up their memberships.

The London-based company made it clear that the eSIM benefit is about more than just an added travel reward. As Revolut GM of Premium Products Tara Massoudi explained to CNBC, “Our ambition is very much to be the financial super app. This is really in that direction.”

Since the company was founded in 2015 it has received $1.7 billion in funding and has expanded to serve 35+ million personal customers and more than 500,000 business customers.

Interestingly, not many fintechs have made similar moves into the telecom space. India-based credit card fintech Zolve began offering eSIM and SIM services last August in packages ranging from $30 per month to $60 per month.

Photo by Andrey Matveev