Getting your hands on the latest iPhone could be a far-fetched dream for many due to the high cost involved. Though numerous carriers offer these smartphones with bundled contracts, it might require you to spend on unnecessarily on things that aren’t useful for you.
This is what a London-based startup Raylo wants to change for the benefit of consumers. The company launched a new way that lets you get the latest iPhones without any unwanted bundled phone contracts. Its subscription model is touted to offer a smarter alternative to the expensive bundled deals offered by carriers.
Heads up about Raylo!
Raylo is founded by three ex-bankers – Karl Gilbert, Richard Fulton and Jinden Badesha with experience in Goldman Sachs, Barclays, Funding Circle and Deutsche Bank. The company lets you own the latest iPhone without spending a fortune as it provides you with a fully-insured SIM-free device with a complimentary screen protector and case instead of requiring you to get a new contract for the phone. Eventually, the overall cost of ownership of an iPhone is much lower with Raylo’s subscription model.
Raised €1.8M funding
This London-based startup has raised £1.6 million (nearly €1.8 million) pre-seed funding. It is backed by a seed stage focused VC Techstart Ventures and a select group of angel investors including James Meekings and Samir Desai, the co-founders of Funding Circle.