NBN resellers More Telecom, Tangerine Telecom secure investments from Commonwealth Bank

Melbourne-based telcos and NBN resellers More Telecom and Tangerine Telecom have secured investments from the Commonwealth Bank of Australia (CBA).

The bank has acquired minority stakes in the telcos and has also entered into strategic partnerships to make the telcos its exclusive telecommunications partner.

More Telecom co-founder Andrew Branson said the new partnership would allow the business to fast-track its expansion plans and accelerate growth.

“We aggressively entered the NBN market in 2013 and have built our customer base to become one of Australia’s largest privately owned telcos,” Branson said.

“Our plan was always to capture a significant market share in NBN and partnering with Australia’s largest bank to distribute our products and services will only help that.”

As the exclusive telco partners, CBA customers would gain special customer benefits on their NBN product offerings. The products will be integrated with the CommBank app over time, allowing customers to do self-service and access these benefits.

More and Tangerine are also looking at the partnership as an opportunity to scale up their current mobile product offerings, and are also looking to secure a wholesale agreement that includes the supply of 5G services.

CBA group executive for retail banking services Angus Sullivan said the bank is “uniquely positioned” to help its customers manage this essential cost.

“We’re looking at how we can help save customers money with their everyday bills and commitments and our decision to partner with More Telecom and Tangerine highlights how we’re continuing to reward our customers,” Sullivan said.

“The integration of More Telecom and Tangerine into the CommBank app will give our customers greater control over their finances, in future potentially allowing them to view their NBN or broadband plan, usage and upcoming bills in one place. This partnership supports our ambition of providing our customers with one of the best digital experiences of any company globally.”