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Klarna, the Swedish fintech giant known for its buy now, pay later services, is entering the wireless industry. Powered by the Gigs platform, Klarna will offer a truly unlimited 5G data plan for $40/month using AT&T’s network. Customers will need to join a waitlist to access the plan when it later becomes available.
According to the Gigs press release, highlights of the phone plan include:
- Unlimited 5G data that stays at 5G speeds
- Coverage on AT&T
- Instant activation via eSIM through the Klarna app
- No fees for activation or cancellation
More premium and international plans are scheduled to roll out later in the year. Details on video streaming quality and hotspot support have not yet been announced.
Editor's Take
Fintech entering the wireless space isn’t new, BestMVNO reported that Zolve launched mobile plans for immigrants in 2023. However, the impact of that launch, both for Zolve and the broader wireless industry, appears to have been minimal. Klarna’s entry could be much more significant. With over 25 million U.S. users, Klarna has a massive marketing advantage compared to Zolve’s 750,000 customers.
Klarna’s reported plan launch seems to indicate that something notable is beginning to happen in the MVNO space: MVNOs may now have access to offer truly unlimited 5G data plans on AT&T’s network. I’ve been writing for some time that MVNOs are at a disadvantage compared to carrier-owned prepaid brands, which are offering truly unlimited 5G plans for around $25/month. That’s the same price point MVNOs typically target, yet they haven’t been allowed to compete on equal terms. This imbalance could threaten their long-term survival.
In February 2025, BestMVNO reported that US Mobile became the first MVNO to gain the ability to offer a truly unlimited 5G plan, also on AT&T’s network. Klarna now appears to be following suit, which suggests AT&T may be becoming more supportive of its MVNO partners by allowing them to better compete, not only with carrier-owned prepaid brands, but even with AT&T’s own offerings.
That said, it’s also possible Klarna is falling into a common trap: marketing a plan as “unlimited” that either isn’t truly unlimited, or relying on the assumption that subscribers won’t use enough data to jeopardize profitability. I guess time will tell what the case actually is here.
If Klarna can profitably deliver a truly unlimited 5G data plan on AT&T’s network, it would be a big win for consumers, that hopefully pressures other carriers to let more MVNOs offer truly unlimited data as well.