In a bold move set to reshape the UK telecoms landscape, fintech giant Revolut and clean energy leader Octopus Energy have announced plans to launch their own mobile virtual network operator (MVNO) services. This marks a major step as both firms expand beyond their core sectors to tap into the growing demand for innovative mobile services.
Revolut’s mobile ambitions
Revolut, known for its all-in-one financial superapp, is expanding into telecoms by offering mobile phone plans across the UK and Germany. The offering builds on its current eSIM services, aiming to fully integrate mobile connectivity with banking and payments.
- Operates as an MVNO using networks like EE, Vodafone, and O2
- Potential for bundled services (banking + telecoms) in one app
- Strategically aligns with Revolut’s push to become a global “superapp”
“We’re bringing the future of finance and connectivity into one experience,” a Revolut spokesperson stated.
Octopus Energy joins the game
Octopus Energy, via its investment arm Fern Trading, is preparing to launch its own mobile services in the UK. Known for its innovative and customer-centric energy solutions, Octopus may bundle mobile connectivity with green energy plans, offering a unique twist.
- Focus on sustainable, bundled energy and mobile offerings
- Targeting tech-savvy, eco-conscious consumers
- Using existing infrastructure through MVNO partnerships
This diversification mirrors a growing trend among utilities and fintechs looking to deepen customer engagement.
The bigger picture: MVNOs on the rise
The UK MVNO market is booming:
- +1.6 million new MVNO customers in 2024
- Major carriers (EE, Vodafone, O2, Three) saw net losses in subscribers
- Analysts forecast 25% of UK consumers will use MVNOs by 2028
With Revolut and Octopus entering the fray, the pressure is on traditional providers to innovate—or risk losing ground.
What it mean for consumers
Consumers stand to benefit from:
- More competitive mobile plan pricing
- Innovative bundling of services (finance, energy, mobile)
- A more personalised and digital-native experience
Conclusion: A new era of mobile services
Revolut and Octopus aren’t just entering telecoms—they’re rewriting the rules. By leveraging brand trust, digital infrastructure, and existing user bases, both companies are poised to disrupt an industry overdue for transformation.
As MVNOs gain ground, the question isn’t if this model will take over—it’s when.
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