Could your bank become your mobile operator?

Revolut’s foray into telecoms might sound unexpected, but it’s a logical progression. At their core, both financial and mobile services rely on secure, always-on digital infrastructure. Finance apps already have high-frequency user engagement, rich customer data and established trust — key ingredients for delivering embedded mobile connectivity through eSIM.

Unlike traditional SIMs, eSIMs are software-based, remotely provisioned and easily integrated into existing digital platforms. This makes it possible for financial service providers to add mobile connectivity to their app without needing previous telecom experience. For Revolut, this means offering its customers instant, seamless access to international mobile data — no SIM swapping, no roaming shocks, no hassle.

A match made in mobile

So, why finance? And why now? We’re seeing finance apps become more than just banking platforms. Instead of just helping with money management, some are transitioning to become complete lifestyle apps that offer several services under one digital roof. Think travel booking, subscription management, mortgage calculators, business tools and more.

We’ve already seen Revolut diversify successfully. In 2024, it announced that “2.5 million Irish customers and wider global customer base will now be able to book flights with airline Aer Lingus without the need to input their payment details, simply by clicking Revolut Pay at checkout on the Aer Lingus website and app”. Revolut claims this move allows merchants like Aer Lingus to “maximise their conversion rates and enjoy reduced costs for payment processing, with cart abandonment rates below ten per cent and an average authorisation rate of 98.5 per cent”.

The infrastructure is there, and it’s already working for those making moves to diversify. Venturing into telecommunications feels like a logical next step. It pairs well with travel offerings like Revolut’s, with banks able to offer mobile plans via eSIM that challenge operators with hefty roaming charges. Moreover, financial institutions already handle identity verification, billing and security — three areas where traditional telcos can struggle when trying to digitise. These strengths make finance companies ideal candidates to provide mobile services that are intuitive, secure and built around user needs.

The MVNOs of the future

Offering telecom services isn’t just a novelty — it’s a strategic differentiator for the finance industry. A Revolut user planning a trip abroad, for example, could now buy travel insurance, exchange currency and activate a roaming data plan — all without leaving the app. This end-to-end journey locks in customer engagement and raises the lifetime value of each user.

And the opportunity goes beyond consumer banking. Credit card providers, insurance companies and even crypto platforms can use Embedded Connectivity to offer value-added services. It’s the dawn of the superapp and those that can offer more than just their core service will win.

China’s WeChat has over one million mini-programs, including Government services. Analysts from Gartner predict that by 2027, more than half of the global population will be daily active users of multiple superapps. While WeChat is the benchmark, Western markets are only just warming up to the idea — and fintechs are best placed to lead the charge.

The MVNO space is evolving. Where once it was the domain of telcos, the rise of embedded eSIM solutions opens telecoms services up to any digitally native platform. Today, it’s possible for any business with a strong digital presence to become a telecom player and it’s clear from Revolut that the finance sector could lead the charge.

As Embedded Connectivity becomes mainstream, expect to see more banks, fintechs and lifestyle apps entering the mobile market. These brands will compete not on network ownership, but on user experience, service bundles and digital innovation. And for users? The line between what is a mobile service and what is a financial service will continue to blur, replaced by platforms that offer everything from money management to mobile data, at the tap of a screen.

Are you a finance business looking to expand your digital offering? Mobilise’s MVNO services offer ready-built solutions that can help you set up in just twelve weeks. Learn more about Mobilise’s white labelled services and book a demo here.