Gigs, a platform that enables companies to become mobile virtual network operators (MVNOs), has raised $73 million in a Series B round of funding. This investment will help the company expand its global connectivity layer, allowing any business to launch a mobile service with minimal upfront investments and costs.

The funding comes at a time when numerous companies, including neobanks like Nubank and Revolut, have added mobile networking services to their product lineup. These companies have launched travel eSIM services, providing customers with mobile data to use while abroad. Nubank, a Gigs customer, has even become a fully-fledged MVNO with the launch of NuCel in its native Brazil.

MVNOs are independent mobile networks built atop the infrastructure of larger telecom companies. While they're not a new concept, more MVNOs are being created than ever, thanks to all-digital distribution strategies enabled by new technologies like eSIM. Apple's launch of its first eSIM-only phone in 2022 served as a catalyst for disruption in the telecom sector, allowing millions of people to bypass mobile networks to provision their SIM cards.

Gigs' platform handles the manual work involved in becoming a mobile network, including bundling cellular and data plans, provisioning SIM cards, providing multi-currency checkout and payment systems, and making it all available via an API, complete with analytics and reports. The company's goal is to allow any company to become a fully-fledged mobile network in any country around the world.

Gigs currently offers three tiers of product with varying degrees of availability. Its data-only eSIM product is available globally, while its enterprise product provides businesses with phone plans in around 50 markets. The consumer-focused mobile service, which allows companies to go all-in on the MVNO concept, is currently available in the U.S., Germany, and the U.K.

Gigs co-founder and CEO Hermann Frank stated that the company wants to serve as the "global connectivity layer" that enables any company to launch a mobile service with minimal upfront investments and costs. Frank emphasized that the real challenge in running a mobile network lies in the operations of the service, including customer support, network monitoring, and billing, which are often resource-consuming and not automated.

To address this, Gigs is preparing to launch an AI customer support assistant dubbed "operator" that budding MVNOs can integrate into their digital portals. This will allow customers to update their credit card details or request a new eSIM without involving human agents.

The Series B raise is led by Ribbit Capital, an early-stage venture capital firm historically aligned with fintech startups. Ribbit Capital general partner Jordan Angelos pointed to synergies between the telecoms and banking sectors as one of the reasons they led this investment. Gigs has been touted as a "Stripe for phone plans," and its platform has the potential to disrupt the telecom sector in a similar way that fintech startups have disrupted the banking industry.

With the additional funding, Gigs is gearing up to expand on multiple fronts, including geographic footprint and product lineup. The company plans to expand its network partnerships in the U.S., which is currently limited to T-Mobile and AT&T, and has already announced a tie-up with Vodafone in the U.K. to make it easier for tech companies to embed phone plans into their products. Gigs also has plans to expand beyond its existing sole network in Germany and eventually roll into other European markets.

Other investors in Gigs' Series B round include Gradient Ventures, Y Combinator, and SpeedInvest. Founded in 2020, Gigs raised a $20 million Series A round in 2022, with notable backers including Google's Gradient Ventures, YC Continuity fund, and angels such as Uber CEO Dara Khosrowshahi.