- Next iPhone available fully insured and SIM-free
- New approach to ownership means customers can make lower monthly payments and stay SIM-only
- Recycling of old phones every 24 months means getting the best technology in the most sustainable way
- Waiting list now live with referral scheme
- Raylo has raised £1.6m in pre-seed funding
- Investors include Techstart Ventures and Funding Circle cofounders
London, Thursday 20 June 2019: Raylo, a startup in the mobile sector, has launched a new way to get the latest iPhones without being tied to a wasteful bundled phone contract. With a five minute sign-up, a SIM-free phone and full insurance, customers can access the latest technology with monthly payments up to £803 cheaper over 24 months versus the big four mobile networks.
Raylo’s subscription model offers a smarter alternative to the overpriced bundled deals currently offered by mobile networks. Customers make lower monthly payments and return the phone after 24 months when they’re ready for newer technology and a fresh battery. In a traditional phone contract, the full cost of the handset is split over two years, but then it typically sits in a drawer for the rest of its life, or worse, ends up in a landfill.
Raylo’s subscription also includes full insurance so its customers are covered against loss, theft, and accidental damage from day one. As all of Raylo’s phones are insured, the cost is reduced for each customer. Raylo has designed a fast, simple process for repairs and replacements so customers will no longer have to worry about cracked screens, or the high cost of replacing a stolen phone.
Raylo is running a waiting list for the launch of the next iPhone in September, including a referral programme allowing customers to boost their position by referring friends. The waiting list is commitment-free and offers priority access to Raylo’s subscription for the latest iPhone SIM-free and fully insured from just £43.99 per month.
Raylo is built using cutting edge technology and is focused on creating a seamless customer experience. Instead of going into a mobile phone shop, customers can sign up online with Raylo in less than 5 minutes and receive an iPhone the next day.
The company’s three founders have a background in financial services and met at nimble fintechs where they saw first-hand how technology and a fresh approach could disrupt traditional industries.
Raylo has raised £1.6M in pre-seed funding and is backed by Techstart Ventures, a seed stage focused VC, and a select group of angel investors including Samir Desai and James Meekings, the co-founders of Funding Circle.
Karl Gilbert, CEO and co-founder, said: “The mobile networks have not evolved and customers continue to face an outdated product offering, poor experience and endless high-street stores. We believe that mobile can be better in every single way and we’re starting by solving the most important part – a smarter new way to get the best iPhones, at a low monthly price, SIM-free and fully insured. The networks should be treated like utilities and we believe that everyone should be SIM-only – it’s cheaper and more flexible.”
The company will find new homes for all of the devices returned by its customers when they upgrade to a new phone, diminishing the huge levels of wastage caused by people discarding old devices.
Richard Fulton, co-founder and chief strategy officer, said: “Every year millions of phones end up in drawers or even landfill – it’s bad for the environment and a waste of money. Sustainability is very important to Raylo, we have the benefit of starting from scratch and believe we have a responsibility to do things better than the incumbent networks – for the planet, and our customers’ pockets. Our packaging is fully recyclable, and our phone cases are made from plants not plastic through our partnership with Pela, the leading compostable phone case producer.”
Jinden Badesha, co-founder and chief product officer, added: “The timing is right for Raylo; millions of UK consumers have already switched to SIM-only contracts to save money, and the number is growing by 100,000 every week. There’s no good way to replace an old phone and stay SIM-only without buying a new phone outright. Now Raylo makes it incredibly simple to get a new iPhone, for a low monthly price, SIM-free, so customers can stay on their SIM-only contract. Our UK-based customer service team are always on hand so customers can speak with great people if they need help.”
About Raylo
Raylo is a UK startup disrupting the mobile market. It’s on a mission to make mobile simple, smart and sustainable and has launched a better new way to get the latest iPhone that can save customers up to £803 vs the old networks. The company raised £1.6m from Techstart Ventures and angel investors including the Funding Circle co-founders in Q1 2019, and beta launched in May 2019.
