Lyca Mobile has announced plans to invest £250 million during the next three years as the MVNO eyes up ambitious growth.
The UK-based MVNO which is part of the multinational Lyca Group is investing the money to fund a new state-of-the-art technology platform, content partnerships and international expansion.
Lyca Mobile has traditionally been a low-cost international calling network, but is aiming to grow its target market through a new set of differentiated products, content and services.
This multi-million pound investment comes off the back of an additional £200m plus investment across the Lyca Group companies, including healthcare, finance, travel, and entertainment businesses.
The MVNO is also introducing a new brand identity, that the company says will reflect a ‘fresh and modern look’, designed by M&C Saatchi.
This new design will be rolled out across the Lyca Group companies and will be supported by a £25 million multi-channel advertising campaign that spans across TV, radio, out of home, digital and in-store activity.
“This investment is testament to our commitment to transform the business and take our services to a wider audience. Covid-19 has expedited the emergence of a new set of consumer mobile behaviours and values,” said Lyca Group CEO Navanit Narayan.
“Customers expect more diverse, differentiated and value-added services – and there’s a real opportunity for us to deliver exactly that as we look to grow our market share in the UK and beyond.
“Our ambition will help us attract new customers and further demonstrate the benefits of partnering with Lyca Mobile to global mobile network operators.”
Lyca Mobile has also announced a new price-competitive plan for customers in the UK.
The plan comes with 50GB of data, unlimited calls and texts and 100 international minutes for £12 for 30 days.
Customers are also able to share data with their friends and family and gift part of their allowance to other Lyca Mobile users.