back Back

SurgePays expands MVNO customers and revenue

By Edlyn Cardoza

December 10, 2021

  • Emergency Broadband Benefit Program
  • Financial Services
  • FinTech
Share

SurgePays, FinTech, Financial Services, Prepaid Products, USASurgePays, Inc., a FinTech company providing a complete suite of financial services and prepaid products to convenience and neighbourhood stores serving the underbanked market, updates the Emergency Broadband Benefit Program (“EBB Program”) rollout through the Company’s wholly-owned subsidiary, SurgePhone Wireless LLC.

As of November 30, 2021, EBB Program enrollments were over 19,000, with total revenue of over $4.2 million since launching the program in late August 2021. These enrollments were generated primarily in western Tennessee and northern Mississippi. SurgePhone has begun activating additional teams in California, Illinois and Missouri and plans to ramp sales aggressively in these markets before the end of the year.

“At the time of this announcement, we have surpassed the 22,000 customers goal, representing over $1,100,000 in relatively higher-margin recurring revenue every month. This is extremely exciting and thrusts SurgePays daily operations to positive cash flow. Having available capital from our recent up-list to the Nasdaq Capital Market will allow us to continue to accelerate enrollments nationwide and I expect to double our customer base in the next 60 days. We have revised our internal model from 5,000 monthly enrollments to 15,000 in January and 20,000 enrollments in February,” commented SurgePays CEO Brian Cox.

The EBB Program provides SurgePhone up to a $90 reimbursement for the cost of each tablet distributed and a $50 per customer per month (i.e., recurring) subsidy for data services. Additionally, the EBB Program allows one monthly service discount plan and one device discount per household. Eligible consumers need to enrol in the EBB Program through their participating retailer offering the connected devices.

SurgePhone has received approval to offer customers these discounted services in California, Colorado, Florida, Illinois, Maryland, Mississippi, Missouri, Nevada, New Jersey, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas. SurgePhone is a mobile virtual network operator (MVNO) and operates both the SurgePhone wireless and Loco Rabbit wireless brands.

The preliminary EBB Program revenues are estimates prior to the completion of the Company’s financial closing procedures and review procedures by its external auditors and, therefore, may be subject to adjustment when the actual results are available.

Previous Article

December 10, 2021

Klarna launches browser extension for consumers to pay later across all online stores

Read More
Next Article

December 10, 2021

NeoXam announces a partnership with data management consultant Soranus

Read More










IBSi Daily News Analysis

Payments, holidays, Black friday

November 29, 2022

Emergency Broadband Benefit Program

Black Friday sales could surge £200m if payments didn’t fail, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

November 28, 2022

Moneycorp partners with BankClarity for cross-border payments

Read More

November 28, 2022

SwissBorg announces its launch the UAE

Read More

November 25, 2022

Suresh Viswanathan joins Nationwide as Chief Operating Officer

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022