More competition and a new partnership model

Commonwealth Bank increases its equity stake in More to 30%, challenging traditional MVNO and white-label entry models.

Heath Gibson · Executive Manager – Industry Intelligence and Insights at NBN Australia1 December 2023Period: Q4 20233 min read

Last updated 8 June 2026

30%↑

CommBank equity stake in More (Dec 2023)

140k↑

Joint More-CommBank customers (Dec 2023)

Locked

Companies covered:Commonwealth BankMoreTelstraOptusTPGVocusAussie BroadbandWoolworthsColesAldiKoganCatchAGLOriginSumoAustralia Post

Abstract

This report analyses the evolving partnership between Commonwealth Bank and More, an Australian provider of nbn and mobile services. Following CommBank's increase to a 30% equity stake, the brief examines how this model differs from traditional white-label or MVNO approaches used by other non-telco brands like Woolworths or Origin. It highlights the strategic advantages of integrated branding and cross-promotional opportunities, such as scheduling broadband activations alongside home loan applications, which has already secured 140,000 joint customers.

Key Takeaways

Commonwealth Bank has increased its equity stake in telco provider More to 30% as of December 2023.
The partnership has successfully acquired 140,000 joint customers through integrated financial and telecom offerings.
CommBank customers receive aggressive incentives including up to 40% off nbn services in the first year.

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Frequently Asked Questions

This model moves beyond traditional white-labeling by utilizing a 30% equity stake and integrated dual-branding. The strategy has already converted 140,000 joint customers by aligning telecom activations with high-intent financial events like home loan applications.

The partnership employs aggressive acquisition tactics, offering bank customers discounts of up to 40% on nbn services for the first year. This pricing strategy directly challenges the five dominant telcos currently concentrating retail market share.

The arrangement facilitates bidirectional growth, with More cross-promoting CommBank’s 'Unloan' digital mortgage products to its subscriber base. This integrated ecosystem offers a lower-risk entry point for non-telco firms compared to traditional standalone MVNO setups.

More competition and a new partnership model

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