The Financial Times sheds more light on a new mobile virtual network operator (MVNO) named Xero Mobile. The company aims to provide free airtime provided that its users put up with advertisements. Interestingly enough, Xero Mobile was founded by three former Gizmondo executives (though not Stefan Erikson, who reached fame recently after crashing a $1M Ferrari).
Xero Mobile estimates its startup costs will be $92 million, but is telling investors the payoff could hit $1.8 billion in just three years. Reports circulated last month that the company had already raised $300 million from European investors.
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