Belfast-based tech start-up Raylo has received a £2.9m investment as it seeks to "disrupt the UK mobile market".
The mobile providers said this will help grow its business by "developing technology and hiring new employees to support its growing subscriber base".
Raylo claims it gives customers an alternative to expensive bundled mobile handset contracts, and that the new funding will propel its growth in the UK market.
Launched in May, Raylo now offers the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max with subscriptions starting at £25.99 per month, which is lower than many other mobile providers.
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The latest funding has come from Macquarie Group, a global provider of banking and other financial services.
Raylo also secured £1.6m pre-seed investment in June.
Its founders, Karl Gilbert, Richard Fulton and Jinden Badesha started out in traditional financial services, then worked together in tech start-ups. They said that "smartphones have transformed our lives, but the way we get our mobiles hasn’t changed in years."
On their website, they claim that their "first product offers the best way to access the latest mobile technology independent from your network. It’s a simple subscription, done in a smarter way. It’s better for your pocket and the planet."
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