Here’s why Flexiroam (ASX:FRX) shares are up over 13% today

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Here’s why Flexiroam (ASX:FRX) shares are up over 13% today

 Here’s why Flexiroam (ASX:FRX) shares are up over 13% today
Image source: FXR expands partnership with Mastercard

Highlights

  • Flexiroam (ASX:FRX) has expanded its Global Data Plan partnership with Mastercard Asia Pacific to cover the latter’s issuers globally.
  • The company currently has exposure to about 1 million potential consumers.
  • The expanded agreement will boost Flexiroam’s profile across global markets.
  • With this expansion, the revenue forecast for 2023 exceeds US$1 million.

Flexiroam Limited (ASX:FRX), a global mobile data company, is taking a huge stride towards increasing its potential customer base worldwide.

In a major development, the company has expanded its Global Data Plan partnership with Mastercard Asia Pacific. The development will provide global coverage to all Mastercard credit card users, enabling any Mastercard issuing bank worldwide to participate in the program.

FRX shares were trading in green on the ASX with a gain of 13.157% to AU$0.043 on 28 July 2022 (10:59 AM AEST).

2023 revenue projected to exceed US$1M

Flexiroam provides connectivity in any part of the world across devices and applications. The ASX-listed company offers global mobile data at competitive roaming rates and connectivity solutions across 520 network operators in more than 200 countries.

Image source: © 2022 Kalkine Media®, data source: company updates  

Growth in potential customer base

Participating banks provide the Flexiroam Global Data Plan as a perk to Mastercard cardholders.

Mastercard rewards eligible cardholders with paid global roaming data packs that can be used in 200 plus countries and territories. Additionally, cardholders are eligible for a 15% discount on Flexiroam data plans when using a qualifying Mastercard.

Since the commencement of collaboration in June 2020, the program has grown to include 33 banks in Taiwan, Indonesia, Hong Kong, India, Thailand, Malaysia, Singapore, and mainland China.

Flexiroam currently has exposure to about 1 million potential consumers, and as Mastercard spreads the program to banks around the world in 2022, this exposure is anticipated to grow quickly.

Strengthened profile across global markets

Commenting on the partnership expansion, Flexiroam Chief Executive Officer Marc Barnett highlighted that the company intends to make Fexiroam rewards available to any bank wanting to participate globally.

He added, “With this expanded agreement, the Flexiroam Mastercard offering will be rolled out to banks globally. The rollout will substantially increase our profile across global markets and comes at a time when demand for international travel is increasing, as restrictions are reduced.”

 

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