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Sensor Tower · Seema Shah · March 2023
MMM: T-Mobile Set To Acquire Mint Mobile
T-Mobile is set to acquire Mint Mobile for $1.35bn, gaining expanded coverage and product and services options, as well as Mint Mobile's digital marketing expertise. Mint Mobile's app has seen significant growth due to its affordable mobile service plans and catchy marketing campaigns, with monthly active users up 82% YoY as of Feb'23. Mint Mobile's growth was boosted by Ryan Reynolds' investment in Nov'19, with download totals soaring 34% in the following year and MAUs surging 55%. Meanwhile, the Flex app, which allows users to split rent payments, saw downloads increase 135% YoY in '22.
Key Takeaways:
T-Mobile announced plans to acquire Mint Mobile for $1.35bn. T-Mobile gains expanded coverage and product and services options, and also adds on Mint Mobile’s savvy digital marketing expertise
The Mint Mobile app has been on fire in part due to its affordable mobile service plans and catchy marketing campaigns (such as its recent ad written by ChatGPT): ST data shows that MAUs as of Feb’23 are up 82% YoY, +254% vs Feb’21 estimates, and +406% vs Feb’20 estimates and more than a third of lifetime mobile app installs came from 2022 alone
Mint Mobile first started to see material growth on the heels of Ryan Reynolds’ investment in Nov’19: ST data shows that download totals soared 34% in the following twelve months (compared to the pre-Ryan Reynolds period total) while MAUs surged 55% in same period
Given the difficult consumer environment, it is perhaps no surprise that BNPL services are extending beyond retail. The Flex app, which allows users to effectively split rent payments up by utilizing Flex’s line of credit, saw downloads increase 135% YoY in ‘22 with 2023 YTD downloads up 54%. There is growing worry that growth in BNPL services may lead to delinquencies as consumers can “hide” liabilities
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