San Francisco-based mobile services startup Gigs has raised $73 million in a Series B funding round led by Ribbit Capital, with participation from existing investors including Google’s Gradient Ventures, Y Combinator, and Speedinvest. The funding highlights a shift in investment trends amid a year dominated by artificial intelligence-focused ventures.
Why It Matters
Gigs enables clients, including neobanks, to integrate mobile services like subscription management and phone payment plans into their offerings. Leveraging partnerships with major telecom providers such as AT&T in the U.S. and Vodafone UK, the startup plans to use the new capital to expand globally and enhance its product suite.
Key Context
This funding round reflects growing confidence in the Mobile Virtual Network Operator (MVNO) model, where companies offer mobile services without owning the underlying infrastructure. With investors increasingly focused on AI, Ribbit’s move into Gigs marks a notable diversification beyond fintech investments, which include companies like Coinbase and Robinhood.
CEO Insight
“We’re seeing publicly a growing number of neobanks that are launching mobile services. It’s the perfect sister product to their existing banking service,” said Hermann Frank, CEO of Gigs.
Looking Ahead
While Gigs declined to disclose its ARR or valuation, this funding positions the company for significant growth in the evolving MVNO landscape, aligning with Ribbit’s strategic expansion into innovative markets.
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