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FlexiRoam Ltd (ASX: FRX), an ASX-listed global eSIM and mobile data provider whose partners include Mastercard and Etihad Airways, has announced its latest business partner: one of Australia’s Big Four banks.
The partnership underscores the validity of the company’s recent pivot to B2B2C sales (reaching consumers through partners such as banks and insurers) under founder and CEO Jefrey Ong; this year alone the company has snagged at least four high-impact brands with which to partner, including Etihad Airways, Tune Protect and Dragonpass.
Under the new deal announced Monday, the bank’s premium Mastercard cardholders can now access FlexiRoam global data roaming as a complimentary benefit – in other words, a perk of holding the card.
According to the company, the deal also comes as card economics change. The same Reserve Bank reforms that ended card surcharges on 1 October also cut the cap on interchange for domestic consumer credit cards from 0.8% to 0.3% of the transaction value.
Interchange is the fee paid to a card’s issuing bank each time the card is used, and it helps fund card rewards. FlexiRoam believes that as interchange falls, banks will favour benefits that cardholders value highly and that are cost-efficient to provide, and it sees this as a structural tailwind.
Disclaimer: This content has been co-written by staff members at FRX as part of a partnership and is intended for informational purposes only.
With regards to the new partnership with a Big 4 bank:
“Each eligible card account can claim a complimentary 3GB global data plan once each calendar year, valid for 15 days in more than 150 countries and regions, and receives a 20% discount on further FlexiRoam data plans,” the company stated on Monday.
“The Bank funds the benefit for its cardholders, and FlexiRoam earns an annual fee for every eligible card, for making the benefit available rather than for the data used.” FlexiRoam expects revenue around A$200,000 a year.
The bigger story is what the deal proves. A Big Four bank adopting the benefit validates FlexiRoam’s travel data offering in Australia’s premium credit card market, and it delivers on a key FY27 priority set out in the company’s FY26 Annual Report – converting agreements into deployed recurring revenue.
The benefit is delivered through FlexiRoam’s partnership with Mastercard, under which it was offered through 418 banks and 1,270 card programs in 78 countries at 30 June 2026. Mastercard carries the benefit to its issuing banks, so each bank that adopts it adds recurring fees without FlexiRoam having to acquire each cardholder itself.
The deal announced on Monday is offered through the existing Mastercard channel. FY27 will include a partial year of fees, and FY28 will be the first full financial year. FlexiRoam has entered FY27 after its first full-year statutory profit since listing, having walked away from loss-making consumer marketing to focus on recurring partner revenue.
“Having one of Australia’s Big Four banks offer FlexiRoam data on its premium cards is a milestone for us,” FRX CEO Jefrey Ong said.
“It is our model working as designed: the bank funds the benefit, Mastercard is the channel, and FlexiRoam earns a fee on every eligible card … card economics are changing.
“We believe issuers will look harder at benefits that cardholders value highly and that are efficient to fund, and that is what we offer.”
FRX last traded at 2.4cps after jumping +9% on Monday.
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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
Disclaimer: This content has been prepared as part of a partnership with FRX and is intended for informational purposes only.
