Lendable Ventures into Mobile Telecommunications with New Plan

The British fintech company Lendable has launched a 20-pound monthly mobile plan as part of its expansion into telecommunications. This move allows Lendable to diversify its revenue streams and join a trend of fintech companies entering the telecom market. The service will offer unlimited 5G on Vodafone's network.

British consumer credit firm Lendable announced on Wednesday the launch of a 20-pound monthly mobile plan. This marks the company's latest effort to diversify its revenue streams by entering the telecommunications sector.

Based in London, Lendable is the first fintech in the UK to offer such a service. The firm joins other companies in creating 'super-app' ecosystems that blend banking, shopping, and communications, as seen with Revolut and Klarna. Unlike traditional providers, these new operators avoid high fixed costs by not owning the infrastructure they use.

Lendable's move into telecoms is powered by the U.S. tech firm Gigs and will use Vodafone's network. This comes as part of the company's strategy to offer competitive services while maintaining its profitability, according to co-founder and CEO Martin Kissinger.

(With inputs from agencies.)