If you’ve gone travelling overseas in the last few years, you may have heard of eSIMs – in essence, a digital SIM card for your phone that requires no physical chip.
This has been big news for regular travellers who were once forced to pay roaming charges on data in foreign jurisdictions – or simply buy new SIM card plans in the countries they’re visiting – which often posed cost and logistics difficulties.
For those who haven’t gone travelling in a while, it was in 2018 that eSIMs as a product began to really take off after Apple Inc. allowed dual-SIM support in its iPhone models.
Thereafter, competitors followed, Apple would eventually get rid of physical SIM trays completely, and eSIMs are now a regular part of life in the telecommunications landscape.
Why travellers like them
In two words: simplicity and cost.
The mainstreaming of eSIMs in the travel market, for Australian audiences, can be summed up in one fairly straightforward point: major Australian travel agencies now offer eSIMs to their own customers.
This means travellers can save money on international data consumption; they can save costs by not needing to buy new physical SIM cards in each country they visit; and, it also reduces the need to connect to perhaps-dubious public wifi networks in all jurisdictions.
This means you can use social media, access bank accounts, fire up social media, check emails, and more – regardless of where you are in the world, because the digital SIM card reduces the need for a country-by-country approach and simply allows users global internet and network access.
For individual people travelling, the benefits are obvious.
But what if that same technology could be sold to major international businesses who need internet connectivity in multiple jurisdictions?
How FlexiRoam is disrupting the market
Enter ASX-listed telecommunications microcap FlexiRoam Limited (ASX:FRX) – a stock which has seen shareholders enjoy returns of over +160% over the last twelve months (as at Tuesday 1 September 2026.)
FlexiRoam Limited (ASX:FRX) operates an AI-powered global connectivity platform, supplying eSIM solutions across 190+ countries through 600+ carrier partners.
That recent gain is no surprise – its FY26 annual report, lodged on 28 August, reflect the fact FlexiRoam has just flipped profitable for the first time since listing on the ASX.
While revenue over the twelve months of $10.2M vs pcp took a hit due to both a deliberate withdrawal from consumer acquisition channels that were not generating positive unit economics and the Middle East conflict – more on how that affects FlexiRoam shortly – recurring revenue rose from 39% to 56% of the group total.
Underpinning that growth is FlexiRoam’s strategic pivot to a B2B/B2B2C model for its eSIM technology instead of targeting individual traveller consumers, under the returned CEO leadership of FlexiRoam founder Jefrey Ong.
Mastercard, Dragonpass and Etihad Airways already signed-on
Three major global brands have already signed on with FlexiRoam to use its eSIM technology not for being able to access social media in foreign countries, but to utilise a global internet access plan.
And those names reflect FlexiRoam’s ability to attract a certain pedigree: the first is the US$520B dollar company company Mastercard; the second is the United Arab Emirates’ Etihad Airways.
The Mastercard partnership is worth considering. As at June 30 2026, FlexiRoam had its eSIM technology offered through 418 banks and 1270 card programs across 78 countries. Ultimately, eligible Mastercard holders are able to download the FlexiRoam app and enter their card number to unlock FlexiRoam’s eSIM technology while travelling.
FlexiRoam’s eSIM technology is made available to holders of three types of Mastercard product: ‘World Legend,’ ‘World Elite’ and ‘World Business’ cardholders – all products from Mastercard that are intended to capture frequent flyer consumers.
Participating issuers fund the benefit for their cardholders and FlexiRoam earns fees based on cards in force, which means it is paid for making the entitlement available rather than for the data consumed.
That is the template the rest of the business now runs on. On 4 September FlexiRoam signed a two-year Connectivity Partnership Agreement with Dragonpass Global Limited, under which its connectivity can be embedded into and distributed through Dragonpass offerings. Under the agreement, FlexiRoam earns a fee for every data entitlement issued.
Dragonpass describes itself as the world’s leading digital platform for airport, travel and lifestyle services, trusted by more than 40 million members across more than 130 countries, with access to more than 1,400 airport lounges, partnerships with more than 400 brands, and distribution on behalf of more than 200 banks, card issuers and telecommunications providers.
The partnership starts with an initial three-month campaign that supports one of the world’s largest hotel loyalty programs, operated by a top-three global hotel group. New members can receive a 3GB global eSIM data reward for use over 10 consecutive days across more than 150 countries, activated through FlexiRoam’s microsite and AI-powered WhatsApp agent.
What about Etihad Airways?
FlexiRoam’s deal with Etihad is more reflective of the company’s pivot to a B2B recurring revenue model. In this instance, the company isn’t selling eSIM data to passengers on board the flights.
Instead, Etihad itself is utilising FlexiRoam’s global network coverage across more than 125 countries, for use on its flights, with a view towards pilots, flight staff, and onboard systems.
The technology is in use on-board aircraft as they fly over however many countries on any number of routes; in this way, Etihad is using FlexiRoam’s global data availability to remain in touch with ground control stations around the world.
That two-year contract with Etihad was signed in August of this year and under the deal the airline will make monthly payments to FlexiRoam , underscoring an additional SaaS element to the company’s pivot under Jefrey Ong.
Now profitable, the sky’s the limit
As FlexiRoam continues to establish its eSIM technology as a viable product on the radars of large multi-billion dollar businesses, it’s likely the company will continue to score B2B/B2B2C SaaS contracts.
Its AI-powered WhatsApp agent is part of that pitch: travellers can find, buy and activate data plans and get support in more than 70 languages without downloading an app, which is what lets a partner drop the benefit into its own program without a build of its own.
Most recently, the company has inked deals with cruise ship providers to make its eSIM technology available to passengers on over 280 ships crossing the oceans.
FlexiRoam is slowly building up to become an international connectivity provider more than a company that sells eSIMs, making it perhaps comparable with companies like Starlink which similarly provide global internet access. The only difference is that FlexiRoam is increasingly seeking to embed itself within enterprises, as opposed to relying on sales from private individual consumers.
What that means for its valuation remains to be seen but with the company now profitable for the first time and with clear growing investor interest, it’s worth noting the stock is defined by an attractive price point.
At the time of writing, FlexiRoam shares were worth 2.1cps, and 4wavg liquidity suggests the stock may be currently overlooked by the Australian investing community.
Disclaimer: This content has been prepared as part of a partnership with FRX and is intended for informational purposes only.
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