BT Group PLC (LSE:BT.A) is weighing a move into the low-cost mobile market, according to a report from the Financial Times.
The UK’s largest broadband provider has been mulling options, including launching a new brand or snapping up an existing MVNO (mobile virtual network operator), people familiar with the matter said.
Management has been triggered by the potential for new competitors entering the market such as fintechs Monzo and Revolut.
Lendable, another fintech, earlier this month launched a £20-a-month mobile plan, while in August, Monzo revealed it was "in the early stages" of looking to launch its own mobile phone service.
Revolut is planning a European MVNO, and Klarna has said it will launch a mobile plan in the US.
For fintechs, adding a telecoms service is part of the plan to build a 'super app' that combines a host of essential services.
New BT consumer boss Claire Gillies, who joined in April, is said to be pushing to make sure BT doesn’t get outflanked, the report said.