Swedish fintech company Klarna has announced its entry into the U.S. mobile services market with the launch of a new unlimited 5G plan, priced at $40 per month. This move places Klarna among a growing number of financial technology firms expanding into telecommunications to diversify their revenue streams.
The mobile plan will be powered by Gigs, a U.S.-based startup backed by Google. Gigs enables companies to become mobile virtual network operators (MVNOs) by leveraging existing infrastructure in this case, through a partnership with AT&T without owning the physical network. Klarna’s CEO, Sebastian Siemiatkowski, described the initiative as a natural extension of the company’s neobank ambitions, aiming to address everyday consumer needs. With over 25 million users in the U.S., Klarna is prioritizing the American market for this launch, with plans to expand to the UK, Germany, and other regions later in the year.
This trend of fintechs entering the telecom space is gaining momentum. Companies like Revolut, N26, and Nubank have already introduced mobile services in various countries. Outside the fintech sector, notable figures such as actor Ryan Reynolds and even the Trump family business have also ventured into mobile services. According to Mordor Intelligence, the U.S. MVNO market is projected to grow from $14.83 billion in 2025 to $20.84 billion by 2030.