What Top Connect does

Top Connect OÜ is a fully licensed Mobile Virtual Network Operator (MVNO) headquartered in Tallinn, Estonia, founded in 1995. The company aggregates more than 350 roaming partners across 210+ global destinations, delivering international roaming connectivity through three core product lines: TravelSim (a consumer international prepaid roaming SIM card launched in 2005 with 5M+ end-users in 60+ countries), the Top Connect eSIM and eSIM Platform (GSMA-compliant remote SIM provisioning across 135+ countries), and a B2B M2M/IoT Connectivity Platform that combines 350+ carrier relationships into a single global mobile network for enterprise and IoT deployments. Underlying technology includes proprietary Multi-IMSI SIM software with automatic backup-IMSI fallback, OTA SIM refresh, Cell-ID geolocation, Private APN, IPSec VPN, and Private Static IP services, all exposed to wholesale and Sponsored Roaming partners via an XML-based Remote Billing Protocol that integrates with any OCS in days.

Top Connect monetizes through hardware sales of M2M/IoT SIM bundles, usage-based prepaid and postpaid data/voice/SMS plans, a three-tier channel program (TravelSim Reseller from 20% commission, Private-label Distributor from 30%, Wholesale from 35%), and Sponsored Roaming services to mobile network operators. Distribution combines direct e-commerce (topconnect.com and travelsim.com), enterprise field and inside sales (dedicated sales directors Ales Kahanek and Raivo Kasepuu), an event-led motion (MWC Barcelona, Embedded World, IoT Solutions World Congress, MVNOs World Congress, AmberSky 2025), and an OEM integration with Teltonika Networks for bundled M2M solutions. Since 2022, Top Connect has been part of the Velos IoT group (formerly JT IoT), which combined Estonia's Top Connect, Jersey-based Velos IoT, and Danish NextM2M into a single entity serving more than 17 million cellular devices. The company has received €524,586 in cumulative European Regional Development Fund co-financing via Enterprise Estonia for technology infrastructure and export expansion, and reported record net income of €1.6 million for 2018.

Name

Top Connect

Legal name

Top Connect OÜ

Website

https://topconnect.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

Top Connect OÜ is a licensed Estonian MVNO providing international roaming SIMs, eSIM, M2M/IoT connectivity, and Sponsored Roaming for mobile operators, serving 5M+ end-users and aggregating 350+ roaming partners across 210+ destinations within the Velos IoT group.

Ownership category

akta.pro rank

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. M2M Retail SIM Card Sales: Direct one-time sale of M2M SIM card bundles (e.g., 50 SIM cards for €174, 5 SIM cards for €29) including shared balance credit, available in mini/micro/nano form factors. 100% money-back guarantee within 14 days of purchase on unused services.
2. Prepaid Credit Top-ups and Data Plans: Recurring revenue from prepaid credit top-ups (via credit card or PayPal) and recurring data plans deducted from main account balance. Auto-recharge functionality available. M2M SIM credit lasts 12 months from last recharge/top-up.
3. Reseller Program Commissions and Starter Kit Sales: Reseller buys Starter Kit packages at discounted price and earns from initial Starter Kit sales plus recharge revenue commissions. Minimum order 50 Starter Kits. First-line support provided by Top Connect.
4. Distributor Program (Private Label): Distributor program with white-label SIM cards, prepaid cooperation model, full access to customer data/settings/usage records, management tools, XML API, and integrated commission into all rates. Minimum 250 SIM cards and €500 EUR/USD airtime credit to activate. Top Connect not exposed to end-users.
5. Wholesale Distribution Postpaid Billing: Postpaid wholesale accounts with monthly billing based on CDR data and wholesale rate plans. Partners manage retail rate plans, multiple currencies, port own managed DIDs for voice/SMS, and use Remote Billing Protocol for services provisioning. Commission starting from 35%. Minimum security deposit €2,000 and 500 SIM cards minimum order.
6. Sponsored Roaming Service: 15+ years of expertise in GSM roaming, providing Sponsored Roaming via SR IMSIs and redundant infrastructure for MNOs/operators. Single connection to 300+ networks in 220+ global destinations, with managed roaming service translating GSM/LTE protocols to local protocol. 24/7 NOC support.
7. Connected IoT/M2M Solutions with Teltonika Partnership: Joint full-service M2M project delivery with Teltonika Networks, combining global multi-carrier connectivity with networking hardware (e.g., TRB140 gateway) for IoT deployment at scale. M2M management portal provided at no additional cost.

Pricing tiers

Go-to-market motion5 records

Distribution channels7 records

Marketing channels7 records

Core offering

Top Connect is a fully licensed Mobile Virtual Network Operator (MVNO) that provides international mobile roaming and M2M/IoT connectivity across 210+ global destinations through 350+ roaming partners. The company operates a multi-IMSI SIM platform with proprietary software for IoT/M2M devices, a GSMA-compliant eSIM profile hosting and OTA delivery platform, and Sponsored Roaming services for mobile network operators. Consumer-facing offerings are anchored by the TravelSim international prepaid roaming SIM (5M+ end-users across 60+ countries), while B2B offerings include the M2M/IoT connectivity platform, Private APN/VPN/Static IP services, and a Remote Billing Protocol for partner OCS integration.

Product overview

Top Connect operates a multi-product platform-plus-modules architecture centered on its MVNO (Mobile Virtual Network Operator) position with 350+ roaming partners across 210+ global destinations. The portfolio is anchored by the consumer-facing TravelSim International Roaming SIM (sub-brand launched 2005 with 5M+ users), its electronic counterpart Top Connect eSIM (for 135+ countries with up to 85% roaming savings, built on the GSMA eSIM Platform), and the Sponsored Roaming B2B service that gives mobile operators a single connection to 300+ networks worldwide. The B2B side is dominated by the M2M/IoT Connectivity Platform, which combines 350+ providers into a single global mobile network and is extended by modular add-ons: Private APN service, IPSec VPN service, Private Static IP service, Multi-IMSI SIM card software with OTA-driven IMSI fallback, and Troubleshooting tools (network connectivity, active services monitoring, network registration, SMS ping). SIM form factors (2FF/3FF/4FF plus MFF2 eUICC chip SIM) and the eSIM Platform enable flexible deployment. Wholesale and distribution partners (TravelSim Reseller, Private-label Distributor, Wholesale Distribution programs) integrate with Top Connect through the Remote Billing Protocol (XML-based) and SIP/SMPP interconnect, and the company ships retail M2M SIM card bundles globally.

Differentiator

Problem solved

Functional benefit

Brands

• TravelSim: Top Connect's flagship international prepaid roaming SIM card product, launched in 2005, with over 5 million end-users and sold in more than 60 countries worldwide; offers reseller, private-label distribution and wholesale programs.

Products and services

• TravelSim International Roaming SIM International prepaid roaming SIM card launched in 2005 providing affordable global mobile connections for travelers. Used by over 5 million end-users and sold in more than 60 countries worldwide. Offered through Reseller, Distributor (Private-label), and Wholesale programs with prepaid and postpaid solutions and multiple currencies.
• Top Connect eSIM (consumer/business) Embedded-SIM offering for travelers and connected devices, providing affordable data roaming across 135+ countries at LTE speed with up to 85% savings on roaming costs. Supports calls and text and can be installed on supported phones within minutes, removing the need to await physical SIM delivery.
• eSIM Platform (B2B GSMA) GSMA Standard eSIM profile hosting and delivery platform enabling electronic SIM profile management via Over-The-Air (OTA) on intelligent SIM cards and eSIM-enabled devices. Provides turn-key eSIM solutions (SM-DP+/SM-SR/OTA) for partners developing products based on eSIM technology.
• Sponsored Roaming
• M2M/IoT Connectivity Platform Core cellular connectivity platform combining 350+ providers into a single global mobile network for M2M/IoT devices, serving enterprise customers across 25+ industries. Includes Private APN, VPN, Private Static IP, SIM card software, eSIM Platform, troubleshooting tools, and multiple SIM form factors (2FF/3FF/4FF/MFF2).
• Remote Billing Protocol XML-based universal billing system connector interface enabling quick establishment between Top Connect's billing system and any foreign OCS for services provisioning and CDR exchange. Allows Sponsored Roaming and Wholesale partners to use in-house billing with sponsored IMSIs for voice, SMS, and data.
• TravelSim Reseller Program Prepaid reseller cooperation model where partners buy small stock of TravelSim Starter Kit packages at a discounted price (minimum 50 pieces) and resell them as standalone products. Partners earn commission from the discounted price of the first starter kit and from recharge revenues (commission from 20%). First-line support provided by Top Connect.
• Distributor Program (Private-label Distribution) Prepaid cooperation model allowing partners to re-brand and customize features of the Top Connect International SIM card product under a custom brand. Provides management interface access, XML API for transparent integration, support line setup, sales training, and marketing plan support. Commission starting from 30%. Minimum requirements: 250 SIM cards and €500 EUR/USD airtime credit.
• Wholesale Distribution Postpaid wholesale partnership (monthly billing based on CDR data and wholesale rate plans) for partners needing advanced product creation options. Partners can manage retail rate plans, use multiple currencies, port own managed DIDs for voice and SMS, use the Remote Billing Protocol for services provisioning, and access eSIM profile platform and SIP/SMPP interconnect. White label or branded SIM cards, commission starting from 35%. Minimum requirements: 500 SIM cards, €2,000 EUR security deposit.
• M2M SIM Cards (retail bundles) Global M2M SIM cards designed to provide international connectivity in over 70 countries with simple and transparent rates, available in mini, micro, and nano sizes. Sold as bundles (e.g., 5 SIM cards with €15 shared balance, 50 SIM cards with €50 shared balance). M2M SIM card credit lasts 12 months from last recharge; data plans are recurring with auto-activation. 100% money-back guarantee on unused services within 14 days.
• Multi-IMSI M2M SIM Software Standalone multi-IMSI M2M SIM software supporting automatic backup-mobile-subscription (IMSI) for improved connectivity in regions with difficult coverage. Supports OTA loading of alternative subscriptions, automated IMSI fallback logic, remote (OTA) execution of SIM Refresh to resolve network registration issues without hardware restart, and Cell-ID location API command for geo-location when GPS/GLONASS is unavailable.

Quantifiable outcome

• Up to 85% savings on roaming costs
• +5 more outcomes

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability1 record

Feature11 records

Partnerships

Three partnerships are on record, tiered minor, flagship and core.

• AmberSky 2025 (onboard retail event)minorGTM or Marketing Partner · 1 February 2025TravelSim team participated in AmberSky 2025, a global event focused on onboard retail industry showcasing innovative products for airlines, catering, and travel retail. Demonstrated eSIM solutions, unified control panel, global coverage in 135+ countries with volume discounts, and affiliate/commission programs.
• Velos IoT (formerly JT IoT)flagshipStrategic or Co-development Partner · 1 January 2022In 2022 Top Connect joined forces with Velos IoT (formerly JT IoT), a leading supplier of connectivity to the Internet of Things. Velos IoT combines the businesses of Jersey-based Velos IoT, Estonia's Top Connect, and Danish NextM2M into a global powerhouse providing connectivity to over 17M cellular devices around the world. Marks Top Connect's expansion into a multinational IoT connectivity group.
• Teltonika NetworkscoreTechnology or Integration · 1 November 2020Top Connect OÜ, a global provider of smart connectivity for IoT, and Teltonika Networks, a leading European developer and manufacturer of networking devices for industrial, IoT and M2M applications, announced a new partnership designed to provide full service M2M projects. Top Connect's global connectivity (secure, affordable, multicarrier service) is bundled with Teltonika hardware (e.g., TRB140 cellular gateway) for IoT deployment at scale. M2M management portal provided at no additional cost.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Aeris Communications: Aeris is an M2M/IoT cellular connectivity specialist offering multi-IMSI SIMs, managed connectivity, and IoT platforms to enterprises — comparable to Top Connect's M2M/IoT offering for global enterprise customers.
• GigSky: GigSky provides global eSIM data plans for travellers and IoT device connectivity, with a comparable retail-plus-M2M proposition and overlapping distributor/operator relationships to Top Connect.
• Airalo: Airalo is a leading consumer eSIM marketplace covering 200+ countries; it directly competes with TravelSim for international travellers and is reshaping the same alternative-roaming segment Top Connect serves.
• Holafly: Holafly offers unlimited-data travel eSIMs in 160+ destinations via a direct-to-consumer motion, competing head-on with TravelSim in the international-roaming SIM/eSIM category.
• Soracom: Soracom is a global IoT connectivity platform with cellular SIM/eSIM, private APN, and cloud integration — a direct peer to Top Connect's M2M/IoT Connectivity Platform and Private APN/VPN/Static IP stack.
• Twilio (IoT / Super SIM): Twilio's Super SIM offers global multi-carrier cellular connectivity for IoT developers with a similar pay-as-you-go model and management API, positioning it as a peer to Top Connect's M2M SIM platform.
• Truphone (now 1Global): Truphone / 1Global is a UK-based eSIM-first MVNO offering global data plans for consumers and IoT/M2M connectivity for enterprises — the closest direct competitor to Top Connect's eSIM platform and Sponsored Roaming / IoT wholesale proposition.

Broad incumbents

• BICS: BICS is a major wholesale carrier-services provider (voice, SMS, roaming, IoT) and a direct competitor in Sponsored Roaming and wholesale roaming — overlapping with Top Connect's Sponsored Roaming and Remote Billing Protocol offerings but at much larger scale.
• iBASIS: iBASIS is a global wholesale telecom and IoT connectivity provider offering roaming, sponsored roaming, and eSIM solutions — competing with Top Connect's Sponsored Roaming and eSIM Platform at significantly larger scale.

Emerging players

• Knowroaming: Knowroaming provides international roaming SIM stickers and SIM cards for travellers — a smaller, niche player that competes with TravelSim in the consumer travel-SIM segment with a more limited distribution footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Top Connect