The family-focused fintech Bling and Telekom partner to launch "Bling Mobile".
Telekom, the largest telecommunications provider in Europe, has identified Bling as an exciting partner due to its unique focus on families and strong growth: only 18 months after its launch, the Berlin-based Fintech counts over 50,000 families on its platform.
In the midst of the 'funding winter' a year ago, Bling raised millions from renowned investors such as La Famiglia (General Catalyst), PEAK, and Ben Tellings, former CEO of the German ING branch. With the launch of "Bling Mobile," the family-fintech takes the next step to become a daily companion for the whole family.
Bling is designed as a family platform, allowing children and parents to manage and invest their money with the Bling Card and App, as well as organize their household. Bling Mobile is the first mobile product in the European Union specifically designed for families, including innovative child safety functions and content to promote media literacy. Bling's integration of a telco tariff portfolio within its app, enriched with parental control functionalities, reflects a strategic move towards a more holistic family-oriented platform.
Mobile virtual network operators (MVNOs) on the rise
The partnership with Telekom, the largest telco provider in Europe, showcases the potential for Mobile Virtual Network Operators (MVNOs), highlighting the intersection of fintech and telecommunications for a lucrative business proposition with comparatively higher margins than in the B2C fintech sector.
Bling's venture into mobile communications taps into the rising popularity of e-SIMs, providing users with seamless connectivity options. This strategic shift also addresses the changing dynamics within the fintech sector. Bling benefits from serving the first touch points that parents get for their children: the first bank account, the first investment and now the first SIM card, implying a multi-billion TAM.
"With Bling Mobile, we make the next step in expanding to a holistic family platform. From managing pocket money, facilitating effortless parent investing, and organizing households’ tasks, we now streamline mobile communication for families" - explains Nils Feigenwinter, CEO and co-founder of Bling.
"We crafted a mobile plan specifically designed for children and their parents, characterized by unique features such as an internet filter for children and educational gamification elements," adds Leon Stephan, CTO and co-founder of Bling.
"We are pleased that together with Bling - one of the fastest-growing fintechs in Europe - we have been able to develop a unique digital mobile communication product for children, teenagers, and their parents, which sets new standards and positions itself in an important target group segment. In particular, the promotion of media literacy is a matter close to our hearts," says Wolfgang Metze, Managing Director Private Customers at Telekom Germany.
Ben Tellings, longtime CEO of ING-DiBa and "the inventor of online banking in Germany", as he is described by the media, is optimistic about Bling’s strategy, in which he invested only a few months after its start. "The integration of telco services marks a strategic move towards capturing a broader market share and establishing Bling as a leader in shaping the future of family-centric services. Bling is the first fintech company in the EU to integrate mobile communication into its offering," says Tellings.
The Bling Card is nowadays the first payment experience for tens of thousands of children, while Bling's 'Savings Trees' represent the first investment for families. With Bling Mobile, parents not only get the first mobile plan for their children but a full-service parental offering with societal relevance and practical functions that improve the media and financial literacy of the next generation.