Could established brands be keen customers for a white-label, fully-customizable solution that would turn them into telecom carriers? OXIO, the first telecom-as-a-service platform for brands and enterprises, is hoping so after it raised $40 million in Series B funding. Among the markets it is targeting is Latin America.
The Series B follows OXIO’s $12 million Series A in November 2020, which, together with earlier seed rounds, brings total proceeds raised to $65 million to date.
The funding will support OXIO as it accelerates its continued growth in Mexico and launches its business in the US using what it calls its innovative web3-built technology to strengthen the company's role in creating the telecom-as-a-service (TAAS) category.
Launched in 2018, OXIO says it is the first, fully-customizable mobile TAAS platform for brands and enterprises. The company allows organizations to offer telecom services for end users and to create bespoke enterprise solutions, easily accessing and packaging 4G and 5G carrier infrastructure capabilities through modern UI and API methods.
This white-label technology makes it possible for any brand to launch a customized mobile service, effectively acting as a mobile operator, but without the cost or complexity. The result provides end consumers with a fast, affordable and reliable mobile service from a well-loved brand.
In Mexico, OXIO’s clients include some of the largest brands in the country, such as Grupo Bimbo, (the world's largest bread maker), Grupo Coppel, (Mexico's premier white goods 1,200-store retail chain), and Rappi (Latin America’s preeminent food delivery and services app).
This approach of turning brands into mobile carriers is, Oxio believes, poised to revolutionize the telecom industry, and not just in Mexico and the US.
The company also plans to expand into new markets in Latin America, most notably Brazil, Latin America’s largest phone market with over 250 million mobile users. Funding will also be used to grow the company’s team in the US and Mexico, starting with senior roles in revenue and finance alongside aggressive hiring in product and engineering departments.