The Distillery #14: Holafly's $500 Million eSIM Boom & SWIFT Embraces Blockchain

October 2025

Telecoms & Connectivity

Juniper Research

Analyst House

In this edition:

• Holafly tops $500m in revenue as travel eSIM adoption surges worldwide
• SWIFT turns to blockchain to deliver 24/7 instant cross-border payments
• Three trends redefining anti-money laundering compliance in 2026
• Our latest insights on subscription economy, direct-to-satellite, digital identity, tokenised deposits, and A2A payments

TELECOMS & CONNECTIVITY

Holafly Hits Half Billion in Revenue as Travel eSIM Demand Soars

Holafly has hit a major milestone; reporting more than $500 million in revenue since the pandemic, with $200 million generated in 2024 alone.

The company, which offers unlimited travel eSIM plans in over 200 destinations, sits at the centre of a market that is rapidly changing how international travellers stay online.

Distilled…

🟣 Travel eSIMs are reshaping connectivity. Unlike roaming, they give travellers predictable costs at lower prices — and adoption is set to soar. Our latest figures forecast nearly 600 million travel eSIM acquisitions by 2030; signalling a structural shift in how people access mobile data abroad.

🟣 Smartphone makers are accelerating the trend. Apple’s aggressive push for eSIM-only devices, alongside growing support from other manufacturers, is making the technology unavoidable. Millennials and Gen Z, already comfortable with digital-first services, are driving uptake — while international travel itself is rebounding, with the number of international travellers expected to exceed 1 billion by the end of this year.

🟣 Competition is entering a new phase. Holafly and rival Airalo may have been early movers, but the field is widening. Operators such as Vodafone are building their own eSIM platforms, while non-traditional players from finance (Revolut) and aviation (Lufthansa) to sport (UEFA) are testing the waters. The fight for brand recognition and customer loyalty is only just beginning.

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FINTECH & PAYMENTS

SWIFT Embeds Blockchain in Push for Instant Global Transfers

SWIFT, the global financial messaging network behind most international transfers, has announced plans to embed blockchain into its core infrastructure — a move designed to bring real-time, 24/7 cross-border payments to the mainstream.

The shift marks one of the biggest changes to SWIFT’s technology strategy in decades.

Distilled…

🟣 Blockchain offers a major structural upgrade. Unlike centralised databases, a distributed ledger spreads data across a network; reducing security risks. Smart contracts could also automate transactions and enable instant swaps; streamlining the 18.3 billion cross-border B2B transactions we're expecting by 2030.

🟣 The initiative has heavyweight backing. SWIFT is working with Consensys, developer of Ethereum, to build the prototype, alongside more than 30 major financial institutions including Santander, JPMorgan Chase, and Deutsche Bank. Their involvement signals strong international appetite for blockchain-enabled payments.

🟣 It’s part of a wider industry pivot. In recent weeks, the London Stock Exchange announced a blockchain-based platform for private funds, and Citi revealed plans to integrate its Citi Token Services with its 24/7 USD Clearing solution; covering transactions for over 250 banks. The race is on to rewire cross-border payments for speed, security, and always-on access.

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FINTECH & PAYMENTS

3 Trends Redefining Anti-money Laundering in 2026

Money laundering remains one of the most pressing threats to global finance — and the systems designed to fight it are undergoing a rapid transformation worth $75 billion.

To mark the launch of our new anti-money laundering systems research, we’re giving subscribers an exclusive look at three key trends reshaping compliance — and the strategies needed to stay ahead.

🟣 Cross-border collaboration is becoming essential. Money laundering is increasingly global in scope, and regulators are pushing institutions to share intelligence across borders. AML platforms are now being built with interoperability in mind; enabling faster information exchange between banks, regulators, and enforcement agencies. The aim is to close gaps that criminals exploit, but it also raises the compliance burden for firms operating internationally.

🟣 AML is expanding beyond banking. Once the preserve of large financial institutions, AML rules are now being applied to fintechs, digital payment providers, crypto platforms, and even gaming companies. These sectors have become attractive entry points for laundering activities; drawing tougher scrutiny from regulators. As a result, AML vendors are developing tools tailored for blockchain transactions and digital-first platforms; widening the market beyond traditional banks.

🟣 Regulatory pressure and penalties are rising. Global regulators are stepping up enforcement with record-breaking fines; leaving little room for outdated processes or legacy systems. Compliance expectations are increasing around areas such as due diligence and reporting, with institutions under pressure to show real-time, proactive monitoring. Those that fail to invest in modern AML solutions risk not just financial penalties but also lasting reputational damage.

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ICYMI

The Last Drop

We can’t fit all our work from the last fortnight in one issue, so here’s a hand-picked selection of blogs, infographics, and insights that deserve your attention.

📦 The subscription economy will reach $1 trillion by 2030, up from $722 billion in 2025 — driven by flexible billing and a shift toward retention over acquisition.

⚡ Instant payments will exceed $110 trillion by 2029; fuelled by stronger regulation in Europe and the rise of FedNow in the US.

🚀 Some recent spectrum purchases have people wondering whether SpaceX is moving into the mobile carrier business. Here's why it isn't - for now, at least.

🆔 Digital ID cards might be coming to the UK. Can the 'Brit Card' overcome past failures to deliver real value for citizens?

💷 UK Finance is launching a tokenised deposit pilot with the country’s biggest banks. We explore how they stack up against stablecoins and the regulatory benefits they provide.

🔄 A2A payments are reshaping how money moves globally. But what countries are leading the charge - and why?

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