Verizon
“Can Verizon convert its 100M+ subscriber base into a distribution moat for embedded financial products, starting with co-branded credit cards and high-yield savings, to reduce churn and grow ARPU?”
Founded2000
HQBasking Ridge, New Jersey, USA
IndustryTelecommunications / Consumer & Business
The story
Verizon is a legacy telecom operator that has been progressively building embedded financial services on top of its large consumer and SMB customer base. The 2022 launch of the Verizon Business Mastercard (co-branded with Mastercard and FNBO) was its first significant foray into credit products. The 2025 Openbank savings account partnership with Santander signals a broader strategy to monetize its subscriber base through financial product bundles, following the telecom-to-fintech playbook pioneered by international peers.
Product timeline
2000
Verizon Communications formed from the merger of Bell Atlantic and GTE.· pivot
2022
Verizon Business launched the Verizon Business Mastercard in partnership with Mastercard and FNBO, targeting small business wireless customers.· card
2025
Verizon announced a multi-year partnership with Santander Bank (Openbank) to offer a high-yield savings account to Verizon mobile and 5G Home customers.· banking
The stack
Banking / BaaS
Lending
First National Bank of Omaha (FNBO)Verizon Business Mastercard (co-branded small business credit card, rewards-based, issued by FNBO)
Sponsor bank
Accounting gap: none